- 10 - The District Court (Judge Ann C. Williams, presiding) dismissed the Federal claims set forth in the Complaint, holding that petitioner lacked the requisite constitutional standing to sue, and refused to exercise pendant jurisdiction over the State law claims. FMC Corp. v. Boesky, 673 F. Supp. 242 (N.D. Ill. 1987). The Court of Appeals for the Seventh Circuit reversed, holding that petitioner had the requisite standing to sue in Federal court by virtue of the wrongful misappropriation of its confidential business information and the use of that information to further insider trading. FMC Corp. v. Boesky, 852 F.2d 981 (7th Cir. 1988). Subsequently, on or about September 23, 1988, petitioner filed a first amended complaint (First Amended Complaint) containing 16 counts, all of which alleged again that petitioner suffered damages in excess of $235 million. Paragraph 64(b) of the First Amended Complaint alleged as "Adverse Financial Consequences to FMC" that The price of FMC's common stock was wrongfully manipulated, causing FMC to revise its planned recapitalization and pay approximately $220 million more in cash than FMC would have paid for its publicly held common stock, tendered in response to FMC's offer to purchase Old FMC Stock and to sell New FMC Stock; * * * Upon remand, the District Court dismissed, with prejudice, for failure to state a claim, petitioner's claims under the securities laws, holding that petitioner had failed to establish that it suffered any actual economic damages from the defendants’Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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