9th Circ. Urged To Revive Investor Suit Over Omitted Deal Info
Law360 (April 7, 2021, 10:46 PM EDT) -- A proposed class of shareholders urged the Ninth Circuit to revive their allegations that Emulex Corp. provided incomplete information about a $606 million acquisition, saying the appeals court already found that a provision of the Exchange Act allows private plaintiffs to bring negligence claims.
The shareholders argued that a lower court was wrong to decide that Emulex and other defendants hadn't been negligent in leaving out certain information about the deal, but they also said the panel shouldn't reconsider something it had already decided: that Section 14(e) of the Exchange Act — which seeks to prevent fraudulent, deceptive or manipulative acts...
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