Three investment funds demonstrated that Getty Images Holdings Inc. improperly denied their exercise of stock warrants after the media supplier’s blank-check merger, the Second Circuit said Thursday in affirming a nearly $88 million award.
The conditions for the warrants’ exercise were in place when the funds tried to use them to purchase Getty stock, the US Court of Appeals for the Second Circuit said in a 2–1 opinion.
One of the investment companies, Alta Partners LLC, lost its bid for an even greater damages award in a cross-appeal over warrants purchased after Getty’s first alleged breach of contract.
The suit ...
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