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April 15, 2019

Oral Arguments Begin in Key Securities Case Before SCOTUS

The U.S. Supreme Court heard oral arguments today in a securities case that could determine the future of the private right of action in merger and acquisitions cases, Law360 reports.

Justices will review a Ninth Circuit decision that departed from rulings from five other circuits in a case regarding alleged omissions related to a tender offer. Emulex Corp., the company who was sued over alleged omissions and false statements regarding an acquisition offer, says the Ninth Circuit used a negligence standard that is out of step with similar rulings. But some attorneys say the justices may question whether a private right of action, meaning the ability by a nongovernmental entity to file such a suit, even exists in such cases.

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