According to a Complaint filed on November 23, 2011, the Defendants violated federal securities laws in relation to a merger acquisition.
In September, 2008, the Company announced the purchase of a target company. Soon after the acquisition, the target company entered near insolvency and received emergency aid totaling 28.4 billion pounds from the government of Great Britain and further assistance of 11.5 billion dollars from the United States Government. The plaintiffs claim that the Company knew of the target company’s financial condition and the need to attain large government aid to keep the target company solvent prior to the merger and did not disclose these facts to shareholders when the Company’s shareholders voted in favor of the merger.
On March 13, 2012, plaintiffs filed an amended complaint.
On October 16, 2012, the Court issued an Order granting the defendants' motion to dismiss. The Clerk was directed to terminate the motion and enter judgment for the defendants.
On November 16, 2012, a Notice of Appeal was entered into the Court's docket.
On February 13, 2013, the Court issued an Order denying the plaintiff's motion for reconsideration of the October 16, 2012 Order. On February 28, plaintiff filed another Notice of Appeal, this time appealing the Court's Order of February 13.
On November 6, 2013, the United States Court of Appeals for the Second Circuit issued a Mandate affirming the judgment of the District Court.