Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.
New York Court Dismisses Class Action Suit Against Ply Gem
- Client News
- September 29, 2015
Practices
Judge J. Paul Oetken of the Southern District of New York dismissed a putative class action brought against Paul, Weiss client Ply Gem and several of its officers and directors under the Securities Act of 1933.
The case arose out of the registration statement our client Ply Gem Holdings, Inc. filed at the time of its initial public offering in May 2013. Plaintiffs principally alleged that the registration statement omitted material information about a significant contract Ply Gem had entered into with a distributor and charged violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. Notwithstanding the low pleading standards that apply to '33 Act claims, and the fact that motions to dismiss are rarely granted for failure to plead materiality, Judge Oetken dismissed the case finding that plaintiffs failed to plead facts sufficient to permit the conclusion that the alleged omissions were reasonably likely to be material at the time of the IPO.
The Paul, Weiss team included, among others, litigation partner Daniel Kramer.