In Re Midlantic Corp. Shareholder Litigation

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• noting that plaintiff is required to make demand under Rule 4:32-5 unless excused from doing so under state law
• finding that plaintiffs satisfied “in connection with” requirement and noting that requirement “was developed by the Supreme Court to ensure that mere corporate mismanagement did not become the basis for claims under securities laws”
• finding Santa Fe does not bar a securities fraud claim where defendants have engaged in conduct forbidden by statute
• “If the pleaded facts and supporting allegations permit the inference of a color-able claim for fraud and afford the defendant notice as to which actions or communications are alleged to have been fraudulent, the complaint will withstand a motion to dismiss.”

Source: CourtListener parenthetical corpus (CC0).