Section 11 Claim Against Underwriters In Securities Class Action Dismissed

Mealey's (July 13, 2018, 11:43 AM EDT) -- CHICAGO — In granting a motion to dismiss, a federal judge in Illinois on June 26 ruled that lead plaintiffs in a securities class action were on notice that a recycler of original automotive products was not performing within the projections stated in Securities and Exchange Commission documents for an initial public offering (IPO) more than a year before filing their amended complaint; therefore, their claim for violation of Section 11 of the Securities Act of 1933 is time-barred (Amanda Beezley, et al. v. Fenix Parts Inc., et al., No. 17-7896, N.D. Ill., 2018 U.S. Dist. LEXIS 108259)....