Kaye Scholer Clears Litigation Path for Investor Seeking to Recoup $25M After Merger Partner Misstated its Financials
Kaye Scholer achieved a significant litigation victory for one of its clients, investor David Hildes, who lost approximately $25 million when his Harbinger Corporation (Harbinger) stock was exchanged for Peregrine Systems, Inc. (Peregrine) stock pursuant to a materially false registration statement issued by Peregrine. A three-judge panel of the U.S. Court of Appeals for the Ninth Circuit unanimously reversed an earlier district court decision barring Hildes from amending his securities complaint against certain former outside Peregrine directors, allowing Hildes to proceed with his lawsuit.
Litigator Michael Lynn argued the appeal, assisted by Partner Robert Barnes and Associate Kyle Gooch.
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