Shout Out: Simpson Thacher Strikes Again With Securities Fraud Win for Hotel Chain
Hotel chain La Quinta can rest easy after a team from Simpson Thacher and Bartlett got a would-be securities fraud class action in the Southern District of New York dismissed with prejudice on Thursday.
August 24, 2017 at 11:18 PM
10 minute read
Hotel chain La Quinta can rest easy after a team from Simpson Thacher & Bartlett got a would-be securities fraud class action in the Southern District of New York dismissed with prejudice on Thursday.
The hotel chain went public on April 14, 2014, but its stock price soon began to tank, going from a high of $24.89 at the beginning of the class period in November 2014 to $10.19 in February of 2016.
Represented by Kirby McInerey, lead plaintiff the Police and Fire Retirement System of the City of Detroit claimed La Quinta made misstatements and omissions that hid its difficulties from the public. The suit also names Blackstone Group, which was La Quinta's majority shareholder before it went public, and certain La Quinta officers and directors. All were represented by Simpson Thacher's Jonathan Youngwood, who co-chairs the firm's litigation department, plus senior counsel Janet Gochman and associate Amanda Levine.
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