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Corporate: Securities Fraud-Proxy Statement-Materially Misleading
Staff Report//March 11, 2019//
Listen to this articleWhere a shareholder brought a class action for former shareholders claiming that the proxy statement contained materially misleading statements and omissions, the judgment dismissing the action is reversed and remanded because the omission of information on the net income and loss of the company to be merged with may have significantly altered the total mix of information available, and the district court erred in resolving the materiality of the omission as a matter of law.
Judgment is reversed.
Campbell v. Transgenomic Inc. (MLW No. 72845/Case No. 18-2198 – 10 pages) (U.S. Court of Appeals, 8th Circuit, Benton, J.) Appealed from U.S. District Court, District of Nebraska, Gerrard, J. (Miles D. Schreiner, New York, argued for appellant; David W. Rowe and Juan E. Monteverde appeared on the brief) (Tucker D. DeVoe, Boston, argued for appellee; Deborah S. Birnbach and Joshua Bone appeared on the brief).
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