Article: McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says

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McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says

Craig Clough, 14 April 2021

A Texas federal judge explained Wednesday that McDermott International Inc. must face a securities fraud suit over its acquisition of Chicago Bridge & Iron Co., denying its motion to dismiss and finding that stockholders sufficiently pled that proxy statements from McDermott were made “with actual knowledge that they were misleading.”

U.S. District Judge George C. Hanks Jr. already denied McDermott’s motion to dismiss on March 31 in a one-page order, and issued his full opinion behind the order on Wednesday that said McDermott cannot escape the allegations it concealed material problems with the integration of CB&I’s business and the likelihood that its projects would incur higher-than-expected costs. Continue reading “Article: McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says”

Article: Robinhood Users Face Uphill Fight For TRO In GameStop Suit

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Robinhood Users Face Uphill Fight For TRO In GameStop Suit

Craig Clough, 10 February 2021

A California federal judge indicated Wednesday that she is unlikely to issue a temporary restraining order or preliminary injunction against Robinhood Financial LLC to prevent it from blocking specific transactions on volatile stocks after a user suing the company said the online trading platform’s recent actions were “unprecedented.”

The lawsuit before U.S. District Judge Virginia Phillips is one of more than 30 civil suits Robinhood is facing over its decision late last month to block users from buying shares of GameStop, AMC and other volatile stocks recently caught up in a well-publicized trading frenzy. Continue reading “Article: Robinhood Users Face Uphill Fight For TRO In GameStop Suit”