Weil, Gotshal & Manges secured a decisive victory for Quad/Graphics, Inc. and two senior executives when the U.S. District Court for the Southern District of New York granted their motion to dismiss with prejudice in a putative securities class action.
The court adopted all of Weil’s arguments in favor of dismissing the complaint, including, notably, that the plaintiffs failed to adequately plead loss causation – which is rarely decided at the dismissal stage in securities fraud cases.
In their complaint, the plaintiffs asserted claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act, alleging Quad and its executives made misrepresentations or omissions concerning a wide range of topics, including a strategic transformation plan, a proposed merger and a regulatory settlement.
Quad Graphics, Inc. operates as a commercial printing company with image centers and photography studios nationwide and plants across the country.
The Weil team was led by Securities Litigation practice Co-Head Joseph Allerhand (Picture) and partner Stacy Nettleton, and included associates Nicole Prunetti, Tania Matsuoka and Ripley Shiarella.
Involved fees earner: Joseph Allerhand – Weil, Gotshal & Manges; Tania Matsuoka – Weil, Gotshal & Manges; Stacy Nettleton – Weil, Gotshal & Manges; Nicole Prunetti – Weil, Gotshal & Manges; Ripley Shiarella – Weil, Gotshal & Manges;
Law Firms: Weil, Gotshal & Manges;
Clients: Quad/Graphics, Inc.;