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Great Lakes Chemical Corporation v. Monsanto Company
United States District Court for the District of Delaware
96 F.Supp.2d 376 (2000)
Great Lakes Chemical Corporation (plaintiff) purchased NSC Technologies Company LLC (NSC) from Monsanto Company (defendant) in 1999. NSC continued to be controlled by its board, but Great Lakes was permitted to remove any member of the board without cause. The following year, Great Lakes filed suit against Monsanto, arguing that Monsanto failed to disclose certain aspects of NSC, in violation of the Securities Exchange Act of 1934. Monsanto moved to dismiss the claim based on the fact that NSC was not a security under the Securities Act of 1933.
Rule of Law
Holding and Reasoning (McKlevie, D.J.)
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