News & Events

On March 29, 2010, the Honorable Laura Taylor Swain of the Southern District of New York issued an opinion and order dismissing a putative securities class action filed against Firm client Focus Media Holding Limited (“Focus Media”) arising out of allegations concerning Focus Media’s 2007 financial results. Focus Media is a leading Chinese digital media company. Also named in and dismissed from the case were several Focus Media officers, who were also represented by Simpson Thacher.

The Court ruled that the plaintiff’s consolidated amended complaint, which included claims under Sections 11, 12(a)(2) and 15 of the Securities Act and Sections 10(b) and 20(a) of the Exchange Act, did not allege actionable misstatements or omissions of material fact in Focus Media’s September 27, 2007 press release, Focus Media’s September 27, 2007 conference call, or Focus Media’s November 2007 secondary public offering registration statement and prospectus. The Court dismissed the action in its entirety and denied the plaintiff’s request for leave to replead as futile.

The Simpson Thacher team representing Focus Media includes Bruce D. Angiolillo, Jonathan K. Youngwood, Andrew Cattell and Rebecca Brunswick, with valuable assistance from paralegal Stephanie Crosskey.