United States:
New York State Supreme Court Stays State Securities Class Action Despite Differences From Parallel First-Filed Federal Action
06 October 2020
Cahill Gordon & Reindel LLP
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New York Supreme Court Justice Barry R. Ostrager's recent
decision in In re NIO Inc. Securities Litigation, No.
0653422/2019 (N.Y. Sup. Ct. Aug. 21, 2020) ("In re
NIO") represents a significantly favorable outcome for
companies facing parallel claims in federal and state courts under
the Securities Act of 1933 (the "Securities Act").
Justice Ostrager initially stayed the proceeding pending resolution
of the parallel first-filed federal action. On August 21, 2020,
Justice Ostrager declined to vacate his stay despite
plaintiffs' argument that the proposed consolidated amended
complaint in the state action included different alleged
misstatements and different defendants than the parallel
first-filed federal action.
New York State Supreme Court Stays State
Securities Class Action Despite Differences from Parallel
First-Filed Federal Action.pdf (pdf | 70.42 KB )
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