California District Court Denies Motion to Dismiss Claims in MagnaChip Litigation
On March 4, 2016, the District Court for the Northern District of California denied the motion of Defendant Avenue Capital Management II, L.P. to dismiss Plaintiff's claims to hold Defendant liable under (i) Section 20(a) of the Exchange Act for federal securities violations under Section 10(b) of the Exchange Act of 1934, and Rule 10b–5, and (ii) Section 20A(a) of the Exchange Act imposing liability on parties who engage in insider trading for damages suffered by individuals who trade contemporaneously with the insider.
As a result of the denial, the case continues against Defendant Avenue Capital. Previously, on December 11, 2015, the Plaintiffs filed notice of a settlement against the other defendants in the case for $23.5 million.
Click here to learn more about the case and download a copy of the order.