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Semerenko v. Cendant Corp.

United States Court of Appeals for the Third Circuit
223 F.3d 165 (2000)


Facts

Semerenko (plaintiff) was a shareholder of American Bankers Insurance Group, Inc. (ABI). In 1998, Cendant Corp. (defendant) made a tender offer for ABI. Semerenko and other ABI shareholders brought suit against Cendant several months later, alleging that Cendant had made several misrepresentations about its financial situation. Semerenko argued that these misrepresentations caused ABI’s stock to gain in value, as ABI was about to be purchased by Cendant. The value of ABI stock decreased dramatically when Cendant’s misrepresentations were made public. The district court dismissed Semerenko’s complaint. Semerenko then appealed to the Third Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Alarcon, J.)

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