Simpson Thacher Obtains the Complete Dismissal of Regional Management Securities Class Action
03.31.16
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The Firm successfully obtained the dismissal of all claims brought in the Regional Management securities class action. The S.D.N.Y. court dismissed all claims filed against Simpson Thacher's clients Regional Management, its current and former director and officers, and its former shareholders Palladium Equity Partners and Parallel Investment Partners. Judge Laura Taylor Swain granted defendants’ motion to dismiss the complaint in its entirety, explaining that the complaint failed to plead any actionable misrepresentation. The dismissed claims included Section 10(b) claims under the 1934 Securities Exchange Act and Section 11 and 12 claims under the 1933 Securities Act. The court also dismissed the claims against the underwriter defendants, who were separately represented.
The Simpson Thacher team on this case was George Wang, Anar Patel, Shannon McGovern and Seth Allen (Litigation).