Judge Rejects Loeb’s Lawsuit Against Sotheby’s

May 5th, 2014

A Delaware judge has rejected Daniel Loeb’s lawsuit seeking to overturn Sotheby’s shareholder rights plan, which had prevented activist investors from owning more than 10% of the company.  “I find that the plaintiffs have not demonstrated that they have a reasonable probability of success on the merits of their claims,” Judge Donald Parsons wrote in his decision. “Therefore, I deny the plaintiff’s motion for a preliminary injunction.”Read more at Reuters