9th Circ. Wrongly Expanded Securities Act, Justices Told

Law360, New York (January 10, 2014, 6:31 PM EST) -- Several Peregrine Systems Inc. outside directors have asked the U.S. Supreme Court to prevent a former Harbinger Corp. director and stockholder who supported the companies’ merger from expanding his suit, contending the Ninth Circuit wrongly broadened investor coverage under the Securities Act of 1933.

The Dec. 30 writ of certiorari contends that David Hildes should not be allowed to add a Section 11 claim under the Securities Act to his lawsuit against Peregrine leadership, because the registration statement at-issue was filed publicly after he signed a...
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