Shutterfly Investors Fail to Revive Apollo Merger Allegations

Shutterfly Inc. investors lost their bid to revive a would-be class suit over a 2019 merger with Apollo Global Management LLC because they failed to show the company misled them, the Third Circuit said.

Investors accused the photography and personalized products retailer of misleading them in a proxy statement intended to secure approval for the merger. But the challenged valuation range statement wasn’t misleading, the U.S. Court of Appeals for the Third Circuit said in an unpublished opinion.

There’s “no cause of action” because Shutterfly’s only statements of fact were that its financial advisor, Morgan Stanley, calculated the ...