A California walnut producer that invested in Super Micro Computer Co. lost its bid to lead a proposed class action but prompted a federal appeals court to clarify the standard for choosing a lead investor.
Rivals seeking to unseat the shareholder with the greatest investment losses from the presumed leadership role must counter that presumption by a preponderance of evidence, the US Court of Appeals for the Ninth Circuit said Thursday.
That’s the standard the US District Court for the Northern District of California ultimately used to boot the nut company, Crain Walnut Shelling LP, from the top spot, the ...
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