Sunday, December 04, 2022 3:03:03 AM
Are you talking about personal liability of the defendants' management and their BODs? If so, it is not difficult for me to imagine many scenarios where a good defense muddies the water enough to make piercing for common law unlikely. In complete candor however, my prior life was not spent in securities litigation so there could be a specific statutory/regulatory provision for liability penetrating the corporate form that I am unaware of. I have no problem being wrong, so if anyone can point to such a provision, please do. Without such, my bet is some flunky gets some individual liability and the entity takes a respectable hit.
So I don't think Kenny G is or will be losing a wink of sleep because of the legal system. (Karma-well...)
I did post something yesterday that was accurate but not stated most articulately: the merits of this will be addressed relatively quickly but only cursorily upon via the request for injunctive relief. The expected forthcoming supporting motions and memos, should be good but due to the fact the defendant does have time to present a full defense, it's designed to be a pretty limited event.
Best
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