M&A Litigation Part 1: Trends Regarding M&A Transactions Valued Over $100 Million

Last month, Cornerstone Research published a report titled Shareholder Litigation Involving Mergers and Acquisitions – Review of 2013 M&A Litigation, the first report in a 2-part series aimed at assessing trends involving lawsuits filed by shareholders of public target companies which challenge M&A transactions valued over $100 million. The purpose of the report was to consider litigation (usually in the form of a class action) for the period from 2007 to 2013 wherein plaintiff's counsel would challenge an M&A deal on the basis that the target's board of directors conducted a flawed sales process which neglected to maximize shareholder value, thereby violating its fiduciary duties.