Walsh Lawyer Contributes in Securities Class Action Victory

March 16, 2017 in Firm News

On March 10, 2017 Hon. Katherine Polk Failla, a district court judge in U.S. District Court for the Southern District of New York, granted the joint motion to dismiss filed by the corporate defendant Advanced Drainage Systems, Inc. (“ADS”), and three officer/director defendants, in a purported class action alleging violations of the federal securities laws.  Ruling in favor of the defendants, Judge Failla wrote: “There is no shortage of statements identified in the Complaint as to which Plaintiff cries fraud. There is, however, a noticeable shortage of well-pleaded allegations of scienter, and likely also loss causation.” Selina M. Ellis worked as part of a team of defense lawyers in preparing the successful moving and reply briefs.

The full opinion is available here. For further information about the firm’s Business & Commercial Litigation practice, please contact Peter J. Pizzi or Selina M. Ellis at (973) 757-1100.