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Grossman v. Novell, Inc.

909 F. Supp. 845 (1995)

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Grossman v. Novell, Inc.

United States District Court for the District of Utah
909 F. Supp. 845 (1995)

RW

Facts

Brad Grossman (plaintiff) was a shareholder in Novell, Inc. (defendant), which had recently acquired and was in the midst of merging with another company. Novell filed a Securities and Exchange Commission (SEC) registration statement warning that, given the risks inherent in such mergers, Novell could not assure investors that the corporate integration ultimately would succeed. However, within days of filing that statement, and over the next four months, Novell assured investors that the merger would not have any negative impact on Novell’s near-term earnings. When these projections proved overly optimistic, Grossman sued Novell in federal court, alleging securities fraud. Novell moved to dismiss the case.

Rule of Law

Issue

Holding and Reasoning (Benson, J.)

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Casebooks

Mergers and Acquisitions

Key Terms