Our runners up include Skadden, Arps, Slate, Meagher & Flom partners Jay Kasner, Susan Saltzstein and Rob Fumerton, who succeeded in getting a securities class action in New York state court dismissed against Brazilian online retailer Netshoes. The plaintiffs alleged the company painted a materially false and misleading picture of its business to unlawfully lift its IPO offering price. In one of the first post-Cyan state court decisions applying Omnicare, Justice Andrew Borrok found that the plaintiffs failed to state a claim.
Also at Skadden, partner Scott Musoff convinced a federal judge in New Jersey to toss a securities class action against New Oriental Education & Technology Group, Inc. The complaint cited a Reuters article in which former employees claimed the China-based private educational services company engaged in college application fraud on behalf of Chinese students seeking to study in the U.S.
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