The National Law Journal covered HLLI’s intervention in Carlyle v. Akorn.
“It seems to us that, as an investor in Akorn whose shares’ value was affected by the merger and the mootness fees,
Frank has a claim in common with the main action; how could it be otherwise?” Judge Frank Easterbrook wrote for the court. “After all, Frank is a member of the proposed classes. And since class counsel and Akorn are looking out for their own interests rather than those of the class, intervention is appropriate. We hold that Frank is entitled to participate as a party.”…
Skadden, Arps, Slate, Meagher & Flom partner Marcie Lape, who has been watching the case unfold over several years, said the court seemed to signal its belief that district courts should use their available tools to discourage frivolous merger challenges and put an end to the payment of mootness fees where a case clearly lacks merit.
Read more at law.com.