Securities Litigation Alert: Second Circuit Applies Fraud-on-the-Market Presumption to Section 10(b) Claims Based on Missed Appraisal Opportunity
By EsqSocial Corporation 01/04/25
On February 3, 2025, in In re Shanda Games Limited Securities Litigation, a divided panel of the U.S. Court of Appeals for the Second Circuit, allowed a putative investor class to proceed with securities fraud claims under Section 10(b) of the Securities Exchange Act of 1934 based on their acceptance of an allegedly undervalued tender price in a freeze-out merger....
By: Cadwalader, Wickersham & Taft LLP