ARNOLD F. SOCK, Attorney at Law, Opines on: The 9th Circuit of Appeals has Split From Similar Rulings On Tender Offer Lawsuits on the Emulex Corp. case
Departing from prior court rulings in a number of similar cases, the Ninth Circuit this last Friday reversed a lower court's dismissal of a putative securities class action alleging Emulex Corp. concealed that Avago Technologies Ltd.'s $606 million acquisition offer was too low. The Court held that the investors’ claims require a showing of negligence rather than intentional wrongdoing (Varjabedian v. Emulex Corpl. et al, No. 16-55088 D.C. No. 8:15-cv-00554- CJC-JCG)
A three-judge panel of the appeals court overturned a California federal judge’s 2016 finding that dismissed the suit.
Opinion by ARNOLD F. SOCK, Attorney at Law.