Raul Hurtado, et al. v. Gramercy Property Trust et al.

Simpson Thacher obtained dismissal of Securities Litigation related to Gramercy Property Trust acquisition.

Plaintiff, a former shareholder of Gramercy, alleged that the proxy statement filed in connection with the $7.6 billion acquisition of Gramercy by an affiliate of Blackstone was materially misleading.

Finding there was no material misstatement or omission, the Court dismissed all causes of action, saying that “the total mix of information available to a Gramercy shareholder leaves no doubt that [P]laintiff’s alleged omission was not material” and “even assuming, for the sake of argument, that the omitted information was material, it did not render any statements contained in the Proxy false or misleading.” The Court also declined to grant Plaintiff leave to amend the Complaint.

Gramercy Property Trust operates as an investor and asset manager of commercial real estate. The Company invests in and manages tenants, offices, truck terminals, ground leases, cold storage, and industrial assets.

The Simpson Thacher team included Jon Youngwood (Picture), Craig Waldman, Dan Stujenske, Jonathan Kaplan and Nathaniel Regenold.

Involved fees earner: Jonathan Kaplan – Simpson Thacher & Bartlett; Nathaniel Regenold – Simpson Thacher & Bartlett; Daniel Stujenske – Simpson Thacher & Bartlett; Craig Waldman – Simpson Thacher & Bartlett; Jonathan Youngwood – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Gramercy Property Trust;

Author: Ambrogio Visconti