Silicon Motion Investor Advances Merger Suit Against Maxlinear

An institutional investor that acquired Silicon Motion Technology Corp. stock has advanced a claim against Maxlinear Inc. over a failed merger, a federal court ruled.

HBK Master Fund LP and a related fund successfully stated a claim for misleading statements in a Securities and Exchange Commission filing, Judge Cathy Ann Bencivengo said Wednesday for the US District Court for the Southern District of California.

The claim, under the relatively little-used Section 18 of the Securities Exchange Act, is available to investors suing on their own behalf, but generally not to would-be class representatives because of the need to prove reliance ...