Tech company Emulex Corp. was about to merge with Avago Technologies Wireless Manufacturing. Typically, when a company does this, it notifies shareholders about the intention to do so, and tells them all the deets. They then get to vote accordingly.
Avago hired Goldman Sachs to review the deal and advise if it was a fair deal for shareholders. Goldman Sachs was like, “Hey, as deals go, it’s OK. They’re not totally fucking you in the ass or anything, but it ain’t great, either.”
So some shareholders decided to sue Emulex and Avago , believing they were some lying motherfuckers saying that they were all like, “this is a sweet deal” when in fact it was a shitty ass deal.
Lower courts had decided the case, and the ninth circuit had contradicted all the other lower courts which had reviewed.
Once SCOTUS heard all the arguments, they apparently were bored AF, and decided to say that the lower courts had been some lazy mother fuckers and not even properly considered whether the Securities Exchange Act of 1934 Section 14(e) even allows private entities to sue for this shit. So they sent it back, and went golfing. No decision.
Read about the case and hear oral arguments here.
Read about the arguments here