Flaherty & Crumrine Preferred Income Fund, Inc. v. TXU Corp.

BENAVIDES, Circuit Judge:

Appellants, Flaherty & Crumrine Preferred Income Fund, Inc.; Flaherty & Crumrine Preferred Income Opportunity Fund, Inc.; Flaherty & Crumrine/Claymore Preferred Securities Income Fund, Inc. (collectively, “F&C”); and Stan Haiduk (“Haiduk”), filed a securities fraud class action and individual fraud claims against Appellees TXU Corporation (“TXU”) and its former CEO John Wilder (“Wilder”) for allegedly making material misrepresentations and omissions of fact in connection with a self-tender offer to purchase certain convertible TXU securities (the “tender offer”) in…