Complete Dismissal of Andrade Gutierrez Securities Action

Simpson Thacher successfully obtained complete dismissal of the Andrade Gutierrez securities action.

On March 8, 2018, the S.D.N.Y. court dismissed all claims filed against Simpson Thacher’s clients Andrade Gutierrez International and Andrade Gutierrez Engenharia. Judge Jesse M. Furman granted Defendants’ motion to dismiss the complaint in its entirety, explaining that Plaintiffs had failed to plead any actionable misrepresentation. The dismissed claims included claims under Section 10(b) and 20(a) of the 1934 Securities Exchange Act. The court also dismissed the claims against certain affiliates and current and former directors of Defendants, who had not yet been served in this action. The court declined to exercise supplemental jurisdiction over Plaintiffs’ state-law claims.

Andrade Gutierrez S.A. engages in the industrial projects, infrastructure works, logistics, urban mobility, energy, telecommunications, sanitation, health, and oil and gas businesses in Brazil.

The Simpson Thacher team on this case was George Wang (Picture), Matthew Bricker and Christopher Jumin Lee (Litigation).

Involved fees earner: George Wang – Simpson Thacher & Bartlett; Matthew Bricker – Simpson Thacher & Bartlett; Christopher Jumin Lee – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Andrade Gutierrez S.A.;

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Author: Ambrogio Visconti