Jianpu Technology Wins Dismissal of Securities Fraud Suit

Skadden secured the dismissal of a putative securities fraud class action against China-based Jianpu Technology Inc. The plaintiff alleged that, between May 29, 2018, and February 16, 2021, the defendants made material misstatements regarding all three of its business segments in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On September 28, Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York granted the company’s motion to dismiss all claims.