MONTH-IN-BRIEF (Apr 2021)
M&A Law
Ninth Circuit Affirms That Omission of Information in Recommendation to Shareholders in Connection with Tender Offer was Not Actionable under Section 14(e) of the Securities and Exchange Act
By Kolby A. Boyd
On April 15, 2021, the United States Court of Appeals for the Ninth Circuit (the “Court”) affirmed the prior ruling of the United States District Court for the Central District of California (the “District Court”) relating to a shareholder suit alleging that Emulex Corporation, a networking hardware and software company (“Emulex”), had violated Section 14(e) and 20(a) of the Securities and Exchange Act of 1934, as amended, in connection with the acquisition of Emulex by Avago Technologies Wireless Manufacturing, Inc., a semiconductor and infrastructure software products company now known as Broadcom Inc. (“Avago”).
