7547 Corp. v. Parker & Parsley Development Partners, L.P.

KING, Circuit Judge:

The plaintiffs-appellants challenge the district court’s summary adjudication of their claims under federal and state securities laws and under the common law for breach of fiduciary duty, waste, and conversion, based upon its conclusion that the plaintiffs lacked the requisite standing to pursue those claims. We affirm the trial court’s disposition of the state law claims and the claim for violation of federal proxy laws, but reverse its judgment with respect to the remaining federal securities claims.

I. Background

The plaintiffs, 7547 Corporation (“7547 Corporation”) and…