Securities Law Claims In Stock Drop Suit Over ICO Trimmed

Mealey's (September 12, 2019, 9:08 AM EDT) -- NEW YORK — Shareholders of a Chinese internet company have failed to plead any material misrepresentations or omissions or scienter in arguing that the company and its CEO violated federal securities laws by failing to disclose that the company had engaged in an initial coin offering (ICO), which was banned by Chinese authorities, a federal judge in New York ruled Sept. 10 (In re Xunlei Ltd. Securities Litigation, No. 18-467, S.D. N.Y., 2019 U.S. Dist. LEXIS 154010)....