A putative class action alleging The Blackstone Group omitted or misstated material information in connection with its 2007 initial public offering has been reinstated by a federal appeals court.
Reversing a lower court’s dismissal in the case of Litwin v. The Blackstone Group, L.P., 09-4426-cv, the U.S. Court of Appeals for the Second Circuit on Thursday said the plaintiffs had “plausibly” alleged the private equity fund misstated or left out material information in its initial public offering registration statement and prospectus in violation of Sections 11 and 12(a)(2) of the Securities Act of 1933.
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