Scorned Axcelis Investor Loses Doc Access Appeal

Law360, New York (August 11, 2010, 7:13 PM EDT) -- The Delaware Supreme Court has upheld the dismissal of a shareholder's bid to force Axcelis Technologies Inc. to turn over its books and records after its board rejected a $630 million merger offer, saying the plaintiff failed to allege a credible basis to infer potential wrongdoing.

The full five-member court on Wednesday rejected the City of Westland Police & Fire Retirement System's argument that the semiconductor company's failure to accept Japan-based Sumitomo Heavy Industries Ltd.'s 2008 offer constituted cause to probe Axcelis' corporate files for a...
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