ERISA Suit Over GSK's Stiefel Acquisition To Proceed

Law360, New York (June 3, 2010, 3:38 PM EDT) -- A federal judge has greenlighted the majority of a class action accusing Stiefel Laboratories Inc. of significantly undervaluing its stock when it persuaded employees to resell their shares to the company on the eve of its acquisition by GlaxoSmithKline PLC.

Judge James Lawrence King of the U.S. District Court for the Southern District of Florida on May 26 dismissed claims accusing Stiefel and its directors of violating the Florida Securities Act and common law breach of corporate fiduciary duty, finding those counts preempted by the Employee...
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