Citigroup and UBS Win Dismissal of Securities Action on Appeal

On behalf of underwriter defendants Citigroup and UBS, Skadden secured a dismissal of a putative securities class action filed in the New York Supreme Court arising out of the Chinese e-commerce company Ruhnn's IPO. The court denied the defendants' motion to dismiss; however, the First Department appellate court unanimously reversed and dismissed the complaint in its entirety, relying on the Second Circuit's decision in Vivint Solar, in which Skadden prevailed years earlier.