SEC DISMISSES LAWSUIT AGAINST MEXICAN BUSINESS EXECUTIVE ALLEGING MANIPULATIVE SECURITIES PURCHASE
Nixon Peabody LLP Represented Mr. Moises Saba Masri
August 26, 2008 (New York, NY) – The United States Securities and Exchange Commission (SEC) has voluntarily decided to dismiss a lawsuit against prominent Mexican business owner Moises Saba Masri. In the case of Securities and Exchange Commission v. Moises Saba Masri, the Commission had alleged Mr. Saba made a securities purchase in 1999 with manipulative intent.
The SEC’s claims may not be re-filed as the stipulation provides for dismissal “with prejudice”. Nixon Peabody LLP represented Mr. Saba in the case. For Mr. Saba, the stipulation of dismissal provided a successful outcome. The stipulation was initiated voluntarily by the SEC, and came in the absence of any settlement agreement.
“This type of dismissal is extremely uncommon for litigants in the advanced stages of an SEC case,” said Roger Crane, partner at Nixon Peabody LLP and lead attorney on the legal team representing Mr. Saba. “We are pleased by the SEC’s decision to dismiss its case. Mr. Saba never wavered in his belief that he would be vindicated in this matter.”
“After almost a decade, I’m grateful that my reputation has finally been cleared in this matter,” added Mr. Saba. “I look forward to continuing to devote my energies on my wide range of businesses.”
Albert Sutton, Mr. Saba’s broker at Middlegate Securities, was previously dismissed from the case by the court on a motion for summary judgment.