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Fifth Circuit: Conclusory Statements Do Not Satisfy Pleading Standard for Stock Drop Lawsuits
Trucker Huss Nov. 9, 2016
"[T]he Fifth Circuit explained that the district court had incorrectly interpreted the Dudenhoeffer standard when it stated that 'it could not determine, on the basis of the pleadings alone, that no prudent fiduciary would have concluded that [the alternatives] would do more good than harm.'... [T]he Fifth Circuit held that the plaintiffs had failed to meet this burden, because ... 'the stockholders do not specifically allege, for each proposed alternative, that a prudent fiduciary could not have concluded that the alternatives would do more harm than good, nor do they offer facts that would support such an allegation.' " [Whitley v. BP, No. 15-20282 (5th Cir. Sept. 26, 2016, revised Oct. 3, 2016)]
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