Panel Overturns Dismissal Ruling In Securities Lawsuit Over Merger Deal

Mealey's (March 5, 2019, 1:46 PM EST) -- ST. LOUIS — A federal district court erred in dismissing an amended shareholder complaint against a biotech company and others because the shareholder has sufficiently shown that the company’s omission of income/loss information in the proxy statement issued as part of its proposed merger plans may have been material to shareholders’ decision to vote in favor of the merger deal, an Eighth Circuit U.S. Court of Appeals panel ruled March 1 (Jesse Campbell v. Transgenomic Inc., et al., No. 18-2198, 8th Cir., 2019 U.S. App. LEXIS 6301)....