Litigation partners Audra Soloway, Alison Benedon and Andrew Gordon, and counsel Dan Sinnreich were recognized in The American Lawyer’s “Litigation Daily” column for winning a motion for Virtu Americas LLC that greatly limits the scope of a putative class action brought by a Genius Group Limited, an educational technology company. Genius sued broker-dealers Virtu and Citadel Securities LLC in the U.S. District Court for the Southern District of New York, alleging that the defendants manipulated the price of Genius’ shares via spoofing, a practice involving a trader placing large market orders to buy or sell a security but then canceling them before they are fulfilled. On June 18, in a decision sharply narrowing the lawsuit’s scope and potential damages, the court denied Genius’ motion to be appointed lead plaintiff and represent a putative class of its own shareholders, rejected Genius’ proposal to reopen the lead plaintiff appointment process, and ordered that the case proceed on an individual basis only.
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