The Firm was profiled in The Am Law Litigation Daily, in an article titled “Simpson Thacher on a Roll With Win for Weight Watchers,” after the Southern District of New York dismissed in full a securities class action complaint filed against Simpson Thacher client Weight Watchers International, Inc. In the case, plaintiffs alleged that Weight Watchers concealed from its investors that it faced competition from free diet and weight tracking apps, and that attendance and enrollment at its in-person meetings was declining. In his decision, U.S. District Judge Lewis Kaplan wrote there is “nothing fraudulent about a disappointing year. Plaintiffs cannot demonstrate, as they are required to do, that Weight Watchers omitted material facts, without which the statement forecasting growth was misleading.”
The article also highlighted two other recent litigation wins for the Firm. On May 10, the Central District of California, in a 31-page decision, dismissed a putative class action lawsuit for securities fraud against the Firm’s client Yingli Green Energy Holding Company Limited. Just a week earlier, Simpson Thacher secured a final award of more than US$500 million on a fraud claim brought in a ICC arbitration in Singapore against a number of Indian respondents relating to a share purchase agreement.
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