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Del. Justices Agree Tech Co. Sale Didn't Harm Shareholders

Law360, Wilmington (May 16, 2019, 6:49 PM EDT) -- Despite winning fiduciary breach claims against directors and an activist hedge fund over the 2014 sale of a tech company, shareholders lost an appeal Thursday asking the Delaware Supreme Court to reverse a finding that they weren't harmed by the breach.

Writing for the en banc court, Chief Justice Leo E. Strine said PLX Technology Inc. shareholders failed to show that the company's stock was worth more than the $6.50 per share, $309 million price paid in 2014, turning aside their claims that the network device chip company was worth $9.86 per share. 

"Because our affirmance of the Court of Chancery's...

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