[Download] "Flaherty & Crumrine Preferred Income Fund Inc. v. Txu Corp." by United States Court of Appeals for the Ninth Circuit # Book PDF Kindle ePub Free

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eBook details

• Title: Flaherty & Crumrine Preferred Income Fund Inc. v. Txu Corp.
• Author : United States Court of Appeals for the Ninth Circuit
• Release Date : January 08, 2009
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 80 KB

Description

Appellants, Flaherty & Crumrine Preferred Income Fund, Inc.; Flaherty & Crumrine Preferred Income Opportunity Fund, Inc.; Flaherty & Crumrine/Claymore Preferred Securities Income Fund, Inc. (collectively, "F&C"); and Stan Haiduk ("Haiduk"), filed a securities fraud class action and individual fraud claims against Appellees TXU Corporation ("TXU") and its former CEO John Wilder ("Wilder") for allegedly making material misrepresentations and omissions of fact in connection with a self-tender offer to purchase certain convertible TXU securities (the "tender offer") in 2004. Specifically, Appellants alleged that Appellees fraudulently misrepresented the timing and magnitude of a planned stock repurchase program and dividend increase in order to induce the Appellants to participate in the tender offer. The district court dismissed Appellants fraud claims alleged under Sections 10(b) and 14(e) of the Securities Exchange Act and SEC Rule 10b-5, as well as Appellants common law fraud claims, for failure to state a claim under the heightened pleading standards applicable to securities fraud claims. We affirm the judgment of the district court.

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