The M&A Aftermath Of High Court's Emulex Punt

By Lyle Roberts (April 24, 2019, 4:56 PM EDT) -- When the U.S. Supreme Court decided on Tuesday to dismiss the writ of certiorari in Emulex Corp. v. Varjabedian as "improvidently granted," it left behind a great deal of confusion in the federal securities laws governing corporate mergers and acquisitions.

In Emulex, a former shareholder of Emulex filed a putative securities class action alleging violations of Section 14(e) of the Securities Exchange Act of 1934 in connection with the company's recommendation that its shareholders accept a tender offer (i.e., a public offer to buy shares of a public company at a certain price within a certain time). In particular, the shareholder...

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