Boston-based business & securities litigation partner Rob Skinner was quoted in a July 30 Board IQ article titled “Disclosure Edits Don’t Mean Early Versions Faulty: Judges.” Mr. Skinner discussed Ropes & Gray’s recent case win for client ProShares before the Second Circuit Court of Appeals, which affirmed a District Court ruling dismissing the consolidated class action against ProShares. In the case, plaintiffs had alleged that they suffered losses after holding on to their exchange-traded fund (ETF) investments for longer than one day and that ProShares failed to disclose this risk in its registration statements, in violation of Sections 11 and 15 of the Securities Act of 1933.
Commenting on the court’s decision, Mr. Skinner noted that “ProShares is very gratified that the courts have continued to recognize that its disclosures are clear and comprehensive.” He continued, “The plaintiff’s bar is essentially trying to take advantage of the financial crisis and the volatile markets that resulted. But the courts have said again, all of the relevant risks were disclosed.”
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