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Court Of Chancery Dismisses Suit Over Merger

Posted In M&A

In re Bioclinica Inc. Shareholder Litigation, C.A. 8272-VCG (October 16, 2013)

This is an interesting decision because it dismissed an action against a merger when the complaint was similar to the standard form of complaint filed after most mergers are announced. Here, in contrast to what usually happens, the defendants chose to fight the allegations rather than settle with some additional disclosures and the payment of attorney fees. This does not mean we are in a new era of stand and fight. After all, one case does not make a trend. The opinion is a good collection of the Delaware law decisions on what must be pled to sustain such a complaint.

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