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Etsy Gets Toss Of IPO Securities Fraud Claims

Law360

16 Mar 2017

New York federal judge Ann Donnelly dismissed a proposed class action against Etsy Inc., ruling that shareholders who allege the company inadequately disclosed risks regarding counterfeit goods that led to a stock plunge after an initial public offering failed to show the online marketplace's actions amounted to fraud.

"This is a gratifying decision — Etsy was open and honest with its shareholders," said Morrison & Foerster partner Joel Haims, an attorney for Etsy. "There was no merit to this case and we are very pleased with the court's ruling."

Partner Jamie Levitt and Of Counsel Kayvan Sadeghi rounded out the Morrison & Foerster team representing Etsy.

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