Burford Capital says U.S. class action lawsuit dismissed

LONDON (Reuters) – Litigation funder Burford Capital (L:) said that a U.S. securities class action lawsuit against the company filed in August last year has been withdrawn by the plaintiffs and dismissed.

The lawsuit had been filed by purchasers of securities in the company, seeking to recover damages under U.S. laws.

“There is no litigation pending against Burford at present other than ordinary course skirmishing within a small number of ongoing funded investment schemes,” Burford said in a statement on Tuesday.

The company had been accused of misrepresenting or failing to disclose signs of adverse trading conditions in annual reports dating back to 2014.

U.S. short-selling firm Muddy Waters took a short position in Burford Capital in August, its first foray into a London-listed company. News of the trade saw shares in Burford slip by more than 40%.

It also announced management changes, saying that Aviva (LON:) Will and David Perla will become co-chief operating officers, with Craig Arnott as deputy chief investment officer, with Christopher Bogart remaining as CEO.

Burford reiterated plans to either add a U.S. listing on the New York Stock Exchange or Nasdaq – which would not involve issuing new equity – or move its London listing to the main London Stock Exchange market.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.