United States Ninth Circuit

Affirming a district court conclusion in a putative securities class action relating to a corporate merger that the Securities Exchange Act does not create a private right of action for shareholders confronted with a tender offer and dismissing the complaint as to one defendant, who was not a proper defendant, holding that the Exchange Act requires a showing of negligence rather than scienter for the claims brought, and remanding for the district court to reconsider the defense motion to dismiss under the negligence standard.

Appellate Information

• Published 2018/04/20

Judges

• MURGUIA

Court

• United States Ninth Circuit

Counsel