Mealey's (January 31, 2022, 9:26 AM EST) -- PHILADELPHIA — A federal district court properly ruled that a shareholder failed to sufficiently plead loss causation in alleging that an oil and gas drilling company and its former board of directors violated federal securities laws by soliciting shareholder votes for a proposed merger deal that materially misrepresented investor benefits of the transaction because the shareholder failed to show that the proxy statement’s alleged misstatements caused shareholders’ to approve a deal for an amount less than the value of their shares, a Third Circuit U.S. Court of Appeals panel ruled in affirming on Jan. 27....