A group of New York Stock Exchange seat holders amended their lawsuit challenging the Big Board's planned acquisition of Chicago-based electronic exchange Archipelago Holdings Inc., according to James Sabella, a partner at Grant & Eisenhofer, attorneys for the plaintiffs. In addition, seven other seat holders joined the suit, bringing the total to 11.
The amended complaint, filed in New York State Supreme Court, includes additional details about the NYSE-Archipelago deal pulled from SEC filings, Mr. Sabella said.
"We have a lot more details as to what the financial advisers did or didn't do, which I think supports our allegations that the (NYSE) board didn't have proper and up-to-date financial advice when they approved the deal," he said. "Now that we have access to the S-4s the exchange has filed (with the SEC), we've pointed out certain aspects we think are misleading or incomplete."
NYSE spokesman Ray Pellecchia said the exchange still views the suit as being without merit.