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Investors claimed in the lawsuit that the buyer group planned all along to relist Qihoo in China, and that the financial projections the company provided to its buyers differed from those included in its proxy materials, causing them to sell their shares at "artificially deflated" prices.
November 24, 2021 at 02:38 PM
3 minute read
The original version of this story was published on New York Law Journal
The U.S. Court of Appeals for the Second Circuit on Wednesday revived a securities class action accusing Chinese internet firm Qihoo 360 Technology of concealing its plans for a backdoor listing that took the company public following a 2016 merger.
The ruling, from a unanimous panel of the Manhattan-based appeals court, reversed a lower court’s decision that the plaintiffs failed to allege that Qihoo and its executives made misleading statements in proxy materials.
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