Simpson Thacher Obtains Dismissal of Putative Class Action Against the Underwriters of Trivago’s IPO
03.01.19
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On February 26, 2019, Judge Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York dismissed with prejudice all claims asserted in Holbrook v. Trivago N.V., et al. In this putative class action, Plaintiffs asserted securities claims against Trivago, the operator of a global hotel search platform, certain Trivago officers and the Underwriters of Trivago’s IPO. Plaintiffs claimed that Trivago failed to disclose in its Registration Statement the introduction of a modification to its market algorithm and that Priceline, its largest advertiser, was violating the Company’s landing page standards. The Court dismissed all claims against the Underwriters ruling that Plaintiffs’ complaint did not allege that Defendants knew the algorithm change and Priceline’s violations were reasonably likely to be material, and also did not plead that Trivago had a duty to disclose any additional information allegedly omitted from its Registration Statement.
Simpson Thacher represented all of the Underwriters in this action, including J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC.
The Simpson Thacher team included Peter Kazanoff, Sara Ricciardi, Anthony Piccirillo and Heather Diles.