Justices May Clear Up Private Right To Sue Over Mergers
Law360 (April 12, 2019, 8:05 PM EDT) -- When the U.S. Supreme Court hears oral arguments Monday in a case involving Emulex Corp. on the standard for alleging false statements and omissions related to tender offers, attorneys will be listening carefully for any commentary from the justices on whether private plaintiffs can even bring such suits in the first place.
In January, the justices agreed to review the Ninth Circuit’s revival of a proposed securities class action alleging Emulex concealed that Avago Technologies Ltd.'s $606 million acquisition offer was too low. The Ninth Circuit departed from past rulings from the Sixth, Second, Eleventh, Third and Fifth circuits, and determined...
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