High Court Focuses on Private Right to Sue in Tender Offer Case

Several U.S. Supreme Court justices voiced concern April 15 over whether investors have a right to sue when firms inadvertently leave important information out of tender offers.

Justice Ruth Bader Ginsburg posed the court’s first question, asking the attorney for two computer hardware firms why the court should consider the companies’ argument that there is no private right to sue—for negligence or otherwise—when they didn’t raise the issue at the U.S. Court of Appeals for the Ninth Circuit.

Although Emulex Corp. and Broadcom Inc. subsidiary Avago Technologies Wireless (USA) Manufacturing LLC didn’t dispute the existence of a private right to ...