Litigation Capital Management is backing a prospective shareholder class action in Australia against Blue Sky Alternative Investments (“BLA“), a former ASX darling that faced difficulties after short-seller Glaucus reported on a number of practices that Glaucus argued inflated the value of BLA’s reported fee-earning assets under management. The company subsequently reduced its assets under management and saw its share price drop from around $12.50 to 18.5c before entering external administration, taking hundreds of millions in shareholder’s funds with it. The class action will be run by Piper Alderman. Read more.