Failed Inpellis IPO Underwriter Fends Off Bid to Revive Suit

Investment bank Alexander Capital LP is free from claims it misrepresented its ability to underwrite an initial public offering for Inpellis Inc. with guaranteed share purchases, after the Second Circuit ruled in its favor Wednesday.

The trial court’s rejection of fraud-related clams against the firm and its partners was appropriate because the evidence showed they didn’t initially know they would be prohibited from conducting a firm commitment offering, the US Court of Appeals for the Second Circuit said in an unsigned, unpublished opinion. And by the time Inpellis signed a second engagement letter, it knew Alexander Capital couldn’t conduct that ...