SelectQuote Beats Investor Suit Over Inflated Revenue Claims (1)

SelectQuote Inc. defeated investor allegations that the online insurance broker overstated its revenue and mischaracterized its sales strategy ahead of its initial public offering.

Judge Alvin Hellerstein in Manhattan said that as in the previous complaint he dismissed, the lead plaintiffs’ allegations relied on inactionable forward-looking revenue projections and mere boasts about its salespeoples’ training. The judge, who sits in the US District Court for the Southern District of New York, ordered the case closed Thursday.

The proposed class action complaint failed to plead the level of intent or recklessness to deceive to bring securities fraud claims against SelectQuote ...