Forum Non Conveniens Ruling In Shareholder Suit Once Again Overturned On Appeal

Mealey's (August 30, 2022, 2:01 PM EDT) -- NEW YORK — A federal district court erred in dismissing a shareholder class action challenging fairness statements made by a Chinese e-commerce company and others connected to the company’s “going private” merger on forum non conveniens grounds because the district court misinterpreted the scope of a forum selection clause contained in a deposit agreement for American depositary shares (ADRs) the company issued and undercounted “the number of defendants covered by that clause,” a Second Circuit U.S. Court of Appeals panel ruled in vacating and remanding on Aug. 26....