Post-Tender Offer Statements Not Actionable Under Section 14(e), Panel Rules

Mealey's (June 24, 2020, 1:53 PM EDT) -- CHICAGO — An investor may not sue a company under Section 14(e) of the Securities Exchange Act of 1934, challenging statements it made after a tender offer for the repurchase of its stock has been made, because the statute does not give a private right of action to collect damages in that instance, a Seven Circuit U.S. Court of Appeals panel ruled June 22 (Walleye Trading LLC v. AbbVie Inc., et al., No. 19-3063, 7th Cir., 2020 U.S. App. LEXIS 19361)....