SL GLOBETROTTER L.P. v. SUVRETTA CAPITAL MGT., LLC

Index No. 652769/20. Appeal No. 14579. Case No. 2021-01121.

199 A.D.3d 479 (2021)

154 N.Y.S.3d 240

2021 NY Slip Op 06111

SL Globetrotter L.P. et al., Respondents, v. Suvretta Capital Management, LLC, et al., Appellants.

Appellate Division of the Supreme Court of New York, First Department.

Decided November 9, 2021.


Attorney(s) appearing for the Case

Gibson, Dunn & Crutcher LLP, New York ( Christopher D. Belelieu of counsel), for appellants.

Williams & Connolly LLP, New York ( Gerson A. Zweifach of counsel), for respondents.

Concur— Manzanet-Daniels, J.P., Oing, Moulton, Scarpulla, JJ.


It is undisputed that the proxy statement reports of decreased actual revenues differed materially from the higher forward-looking revenue projections set forth in the prior investment presentation used to solicit defendants' investment. However, the documentary evidence does not demonstrate as a matter of law that this discrepancy constituted a failure by plaintiffs to comply with the subscription agreements' representation and warranty of material consistency between the...

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