Tuesday, November 16, 2021 1:19:28 PM
Idk about that. Seems to me that you can only assert breach of contract claims if you own the contract and can prove damages (i.e. - you have standing). Both seem to be satisfied here for current shareholders whose dividend/liquidation rights have been stripped.
If you don't own the contract, then you wouldn't be part of the class plaintiffs, so you couldn't be awarded damages. Someone correct me if I'm wrong there.
Not that companies who mislead investors don't regularly pay damages to shareholders who owned on particular dates. But in this case it's not about a drop in share price but instead anticipatory breach of liquidation preference and dividend rights.
I'd be interested to hear from someone who knows more about litigation as far as what possible outcomes there are and how damages are typically awarded in cases like this.
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