Centene Nabs 8th Circ. Win In Suit Over $6.8B Acquisition

By Ganesh Setty (April 7, 2022, 10:50 PM EDT) -- The Eighth Circuit affirmed the dismissal of a shareholder suit Thursday brought against Centene Corp., its board and company officers, ruling that investors failed to sufficiently explain why a demand to the board to remedy their issues over a merger would've been futile.

Using the Delaware Supreme Court's new three-part test to determine demand futility, a three-judge panel said a group of shareholders failed to show in its consolidated amended complaint that more than half of Centene's board would face a substantial likelihood of liability if the lawsuit were to move forward. Though the Delaware high court's test came after the...

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