The U.S. Court of Appeals for the Second Circuit in the Southern District of New York. Photo: Ryland West/ALM
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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