The U.S. Court of Appeals for the Second Circuit in the Southern District of New York. Photo: Ryland West/ALM 2nd Circuit Revives Suit Over $9.3B Take-Private Deal, Backdoor Listing of Chinese Tech Firm
Investors claimed in the lawsuit that the buyer group planned all along to relist Qihoo in China, and that the financial projections the company provided to its buyers differed from those included in its proxy materials, causing them to sell their shares at "artificially deflated" prices.
November 24, 2021 at 02:38 PM
3 minute read
Technology Media and Telecom
The U.S. Court of Appeals for the Second Circuit on Wednesday revived a securities class action accusing Chinese internet firm Qihoo 360 Technology of concealing its plans for a backdoor listing that took the company public following a 2016 merger.
The ruling, from a unanimous panel of the Manhattan-based appeals court, reversed a lower court's decision that the plaintiffs failed to allege that Qihoo and its executives made misleading statements in proxy materials.
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