8th Circ. Nixes Bid To Reinstate MEMC Securities Suit

Law360, New York (June 17, 2011, 3:51 PM EDT) -- The Eighth Circuit on Friday refused to revive a putative class action accusing silicon wafer manufacturer MEMC Electronic Materials Inc. of illegally hiding production problems from its shareholders.

Though MEMC had traditionally been forthcoming in its public filings, the company's past openness did not mean it had a duty to disclose fires and other problems at key plants, a three-judge panel of the appeals court said.

“Firms are entitled to keep silent about good news as well as bad news unless positive law creates a duty...
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