Ratings Review: Glass Lewis parent downgraded

Moody’s Investors Service on Wednesday changed to negative from stable its outlook for bonds of Shanghai-based Xinhua Finance Ltd., the parent company of proxy adviser Glass, Lewis & Co. LLC. The agency said it changed its ratings, in part, because of a shareholder lawsuit’s potential negative financial impact on Glass Lewis. The lawsuit alleges that XF’s initial public offering prospectus in March failed to disclose material information about a company director that resigned. Glass Lewis provides recommendations to shareholders on how to vote shares in contested director elections or mergers. —Ron Orol

See Moody's story from The Houston Chronicle
See law suit story from The San Francisco Chronicle
See law suit story from The New York Post

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