A federal appeals court has declined to revive a shareholder lawsuit accusing Cooper Tire & Rubber of securities fraud over an aborted merger with Apollo Tyres, rejecting claims that a lower court mismanaged arguments over a motion to dismiss.
In a decision on Monday, the 3rd U.S. Circuit Court of Appeals said a district court in Delaware was right to demand shareholders limit their arguments to five alleged misstatements by Cooper, bringing order to the nearly 100-page complaint.
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Source: Reuters.com
