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Dooner v. Keefe, Bruyette & Woods Inc.

Statements of prophecy about impending initial public offering cannot be basis of a fraud claim.

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Judge Koeltl

DOONER v. KEEFE, BRUYETTE & WOODS, INC. — This is a motion brought, pursuant to Fed. R. Civ. P. 12(b)(6) by Keefe, Bruyette & Woods, Inc. (“KBW”), KBW’s former Chief Executive Officer, James J. McDermott, Jr. (“McDermott”) and a former KBW employee David Berry (“Berry”), (collectively “the defendants”) to dismiss two of the six causes of action alleged by the plaintiff, Teresa M. Dooner, in her Second Amended Complaint (“SAC”). The plaintiff raises six causes of action in the Second Amended Complaint. The first cause of action is a claim for common law fraud, alleging that KBW and McDermott committed fraud by misrepresenting and failing to disclose certain facts related to a purported initial public offering (“IPO”) of KBW stock. The second through fifth causes of action, respectively, are claims for hostile work environment, discriminatory disparate treatment, and retaliation, and are raised against KBW and Berry and arise out of the alleged treatment of the plaintiff by Berry who served as her supervisor. The plaintiff’s sixth and final cause of action, raised against KBW and Berry, is for defamation, and arises out of a statement allegedly made by Berry at a meeting of KBW’s board of directors. The defendants now move to dismiss the plaintiff’s first and sixth causes of action for fraud and defamation. 1

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