Legal Opinion
Royal Business Group, Inc. v. Realist, Inc.
Court of Appeals for the First Circuit
Decided May 22, 1991No. 90-2228PublishedCited by 78 opinions
1Opinion of the Court
SELYA, Circuit Judge.
This case requires us to consider whether a proxy contestant has standing to sue under Section 14(a) of the Securities Exchange Act of 1934, 15 U.S.C. § 78n(a), for allegedly false and misleading statements contained in management’s proxy materials. Because we are convinced that Congress did not intend proxy contestants to have a private right of action as such under Section 14(a), and because the complaint before us does not state a cognizable claim for common law fraud, we affirm the district court’s dismissal of plaintiffs’ suit.
I. BACKGROUND
The proxy contest at issue…
2Cases cited46 opinions
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- Cort v. AshSupreme Court of the United States · 1975
- Touche Ross & Co. v. RedingtonSupreme Court of the United States · 1979
- Mills v. Electric Auto-Lite Co.Supreme Court of the United States · 1970
- J. I. Case Co. v. BorakSupreme Court of the United States · 1964
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3Cited by78 opinions
- Wagner v. Daewoo Heavy Industries America Corp.Court of Appeals for the Eleventh Circuit · 2002
- William C. Feinstein v. Resolution Trust Corporation, Etc.Court of Appeals for the First Circuit · 1991
- Greenwood Trust Company v. Commonwealth of MassachusettsCourt of Appeals for the First Circuit · 1992
- Cape Ann Investors v. LeponeCourt of Appeals for the First Circuit · 2002
- Harrington v. American AirlinesCourt of Appeals for the First Circuit · 2007
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