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Conn. High Court Tosses Latex Foam Securities Suit

Law360 (April 16, 2009, 12:00 AM EDT) -- The Connecticut Supreme Court has affirmed the dismissal of a lawsuit filed by two shareholders of Latex Foam International Holdings Inc. who alleged that their ownership stake in the company was diluted by an unreasonably low stock offering price.

The plaintiffs, Jonathan May and Carolyn May, brought breach of fiduciary duty and unjust enrichment claims against Latex Foam's majority shareholders, including a number of its officers and directors. But in a decision published Tuesday, the Connecticut high court ruled that the alleged injury was derivative of...
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