Slaters hey??? So are they looking at a class action against VMC? or against SPX?
I can see how SPX shareholders could have a class action claim against SPX in the event that VMC wins the case as that would mean the directors (or at least 1 of them) was aware they had obtained PW in an improper way and hence the asset was always exposed to legal challenge, that being a material adverse event that shareholders should have been made aware of.
However, if VMC didn't win the case against SPX I'm not sure of the basis on which SPX shareholders would actually have a claim against VMC. VMC is entitled to pursue its legal rights to protect/advance what it perceives to be its legal interest in PW. The only thing I can think of would be if the judge made a finding that VMC commenced the action with the intention to damage the SPX share price in a predatory maneuver to reduce the sp of SPX and mount a takeover, but there's no evidence of that occurring at the moment.
So I'm genuinely interested in this class action issue though as it may result in some new law regarding the liability of litigants to the other party's shareholders, which would be very big news!
VMC Price at posting:
19.0¢ Sentiment: None Disclosure: Not Held
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