The U.S. Court of Appeals for the Third Circuit on Monday blocked an effort to revive a securities class action stemming from the aborted $2.5 billion merger of Cooper Tire & Rubber Co. and Apollo Tyres Ltd., saying that “kitchen sink pleading” in a lower court doomed the plaintiffs’ case.
In a 51-page opinion, U.S. District Judge Kent A. Jordan of the District of Delaware said the Delaware district court had properly managed the debate over Cooper’s motion to dismiss the complaint, filed in 2014 by a group of investors that made sweeping allegations that the company’s top brass failed to report the risks associated with the transaction.
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