Aes Corp. v. The Dow Chemical Company Dynegy Power Corporation F/k/a Destec Energy Inc
Court of Appeals for the Third Circuit
1Concurring in part, dissenting in partClifford, Senior Circuit Judge
OPINION OF THE COURT
STAPLETON, Circuit Judge.
I. Introduction
The AES Corporation (“AES”) operates power facilities. AES alleges that Dow Chemical Company (“Dow”) and its subsidiary, Destec Energy, Inc. (“Destec”),1 violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with a transaction in which AES purchased the stock of one of Destec’s subsidiaries, Destec Engineering, Inc. (“DEI”). DEI’s sole asset was a contract to design and construct a power plant in The Netherlands (the “Els-*176ta Plant”). According to AES, Dow and Destec conspired to…
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