Simpson Thacher Obtains Dismissal of Securities Litigation Related to Gramercy Property Trust Acquisition
12.05.19
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On December 5, 2019, the U.S. District Court for the District of Maryland dismissed, with prejudice, all claims against Simpson Thacher client Gramercy Property Trust in Raul Hurtado, et al. v. Gramercy Property Trust et al. Plaintiff, a former shareholder of Gramercy, alleged that the proxy statement filed in connection with the $7.6 billion acquisition of Gramercy by an affiliate of Blackstone was materially misleading. Finding there was no material misstatement or omission, the Court dismissed all causes of action, saying that “the total mix of information available to a Gramercy shareholder leaves no doubt that [P]laintiff’s alleged omission was not material” and “even assuming, for the sake of argument, that the omitted information was material, it did not render any statements contained in the Proxy false or misleading.” The Court also declined to grant Plaintiff leave to amend the Complaint.
The Simpson Thacher team included Jon Youngwood, Craig Waldman, Dan Stujenske, Jonathan Kaplan and Nathaniel Regenold.