JD Supra

Ninth Circuit affirms dismissal under “bright-line rule” regarding SPAC merger

In re: CCIV / Lucid Motors Sec. Litig., 110 F.4th 1181 (9th Cir. 2024), the Ninth Circuit affirmed dismissal of a securities fraud class action brought by investors under Sections 10(b) and 20(a) of ...
JD Supra

Ninth Circuit Applies Birnbaum Rule to Affirm Dismissal of Claims by SPAC Investors Asserted Against Target Company Executives for Pre-Merger Statements

In Max Royal LLC v. Atieva, Inc., No. 23-16049, 2024 U.S. App. LEXIS 19910 (9th Cir. Aug. 8, 2024), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a securities ...
Law

Siding With Second Circuit, Appeals Court Finds SPAC Investors Can't Sue Over Pre-Merger Misstatements

"At the time of [Lucid's] alleged misrepresentations, CCIV and Lucid were two entirely separate companies," the U.S. Court of Appeals for the Ninth Circuit held. "Lucid's alleged misrepresentations ...
Law

Siding With Second Circuit, Appeals Court Finds SPAC Investors Can't Sue Over Pre-Merger Misstatements

The U.S. Court of Appeals for the Ninth Circuit has become the second federal appeals court to hold that investors can't sue over alleged misstatements that an acquired company makes leading up to a ...