Davis Polk partner Ted Polubinski and counsel Jonathan Chang received a shout out in Litigation Daily’s “Litigator of the Week” column for securing a total victory for Lizhi Inc. when Judge LaShann DeArcy Hall of the United States District Court for the Eastern District of the New York granted in full Davis Polk’s motion to dismiss a putative securities class action filed against Lizhi.

The suit claimed the company failed to sufficiently disclose facts about the COVID-19 pandemic in the run-up to its January 2020 initial public offering and how the fallout would impact the company. The court concluded that at the time of the IPO, “‘the risk of COVID-19 was neither known nor knowable,’ and therefore, Plaintiff has failed to establish that the Registration Statement ran afoul of Items 303 and 105.” The court also denied the plaintiff’s request for leave to amend the complaint.

“A Fresh Batch of Litigator of the Week Runners-Up and Shout Outs,” Litigation Daily (October 7, 2022) (subscription required)

Copy link to share post