Lorenzo v. Securities and Exchange Commission, 587 U.S. —, 2019 WL 1369839 (Mar. 27, 2019)

In this case, we consider whether those who do not ‘make’ statements (as Janus defined ‘make’), but who disseminate false or misleading statements to potential investors with the intent to defraud, can be found to have violated the other parts of Rule 10b–5, subsections (a) and (c), as well as related provisions of the securities laws, §10(b) of the Securities Exchange Act of 1934, 48Stat. 891, as amended, 15 U.S.C. §78j(b), and §17(a)(1) of the Securities Act of 1933, 48Stat. 84–85, as amended, 15 U.S.C. §77q(a)(1). We believe that they can.

  • Kavanaugh裁判官は、下級審の判決に参加しているため不参加。6対2で、原審を維持。

via Lyle Roberts, Kevin M. LaCroix, Sheppard Mullin, SCOTUSblog, Oyez, Fried Frank, Reuters, Cleary Gottlieb, Ropes & Gray, WSJ, Skadden, Willkie Farr & Gallagher, S&C, GD&C

デラウェア州最高裁判所の口頭弁論のライブストリームビデオ

デラウェア州の最高裁判所が、口頭弁論のライブストリームビデオを公開しています。詳しく覚えていませんが、従前は、インターネット上では録音のみで映像はなかったように思えます(CourtTVやその他のオンラインサービスのような場所で見ることができたとは思います)。なんにせよ、無料で気軽に見ることができるのは良いことであるように思えます。

Kahn v. M&F Worldwide Corp., 2014 Del. LEXIS 115 (Del. 2014)

Kahn v. M&F Worldwide Corp.判決は,2014年3月14日に下された,MacAndrews & ForbesによるMFWの少数株主排除の最高裁判決です。これによって,2013年5月19日に下された,衡平法裁判所のIn re MFW Shareholders Litigation, 67 A.3d 496 (Del. Ch. 2013)が維持されました1

速報ということで,判決の原文へのリンクを挙げておきます。

〔2014年3月19日追記〕M&A Law Prof Blogに次の指摘があります。参考になると思います。

But here’s a wrinkle…footnote 14. In footnote 14, the Supreme Court notes that MFW could not have decided on the pleadings and would have survived a motion to dismiss even under the new standard. The pleadings, the court noted were sufficient to require discovery on all the new prerequisiting in the application of the standard…

Ultimately we’ll see to what degree footnote 14 matters. But, it does seem a little disconcerting that Strine’s project to provide a pathway to early dismissal of these kinds of cases might just move the locus of the argument to the functioning of the special committee.

Sure, that’s obviously better, but it’s not yet clear that MFW and footnote 14 will dramatically reduce incentives to bring these cases. Perhaps we will just be battling the same fight on new ground. Of course, the Chancery Court is likely to want to find ways to rule on the pleadings and my guess is that now that Chief Justice Strine is in a place to influence how the MFW standard is going to roll out that he won’t be looking to increase incentives for plaintiffs to bring these cases.

判決の脚注14は,次の通り述べています。

The Verified Consolidated Class Action Complaint would have survived a motion to dismiss under this new standard. First, the complaint alleged that Perelman’s offer “value[d] the company at just four times” MFW’s profits per share and “five times 2010 pre-tax cash flow,” and that these ratios were “well below” those calculated for recent similar transactions. Second, the complaint alleged that the final Merger price was two dollars per share lower than the trading price only about two months earlier. Third, the complaint alleged particularized facts indicating that MWF’s share price was depressed at the times of Perelman’s offer and the Merger announcement due to short-term factors such as MFW’s acquisition of other entities and Standard & Poor’s downgrading of the United States’ creditworthiness. Fourth, the complaint alleged that commentators viewed both Perelman’s initial \$24 per share offer and the final \$25 per share Merger price as being surprisingly low. These allegations about the sufficiency of the price call into question the adequacy of the Special Committee’s negotiations, thereby necessitating discovery on all of the new prerequisites to the application of the business judgment rule.

via M&A Law Prof Blog

  1. 原審判決については,例えば,金融商品取引法ブログに「MFW判決(1)」および「MFW判決(2)」という記事があります。 []

次期デラウェア州最高裁判所主席判事について

11月30日に退任するMyron T. Steele首席裁判官の代わりに関する記事をThe Economistが書いています。The Economistによると,候補は4名で,最も有力な候補は,デラウェア州衡平法裁判所のLeo E. Strine, Jr.首席裁判官のようです。

M&A Law Prof Blogは,候補は二人に絞りこまれたとも伝えています。曰く,Strine裁判官か,Superior CourtのJan R. Jurden裁判官とのこと。

via The Economist