Opinion ID: 437628
Heading Depth: 2
Heading Rank: 1

Heading: Reasons for Merger and Income from Expansion Franchises

Text: 13 Both the reasons for the merger and the expected income from the expansion franchises were disclosed in the proxy statement. The essence of appellants' complaint is that these pieces of information were not disclosed in the proper places or with the proper emphasis. Although it is clear that a court may base Sec. 14(a) liability on the fact that material information is disclosed piecemeal or buried in the footnotes to financial statements, see, e.g., Kennedy v. Tallant, 710 F.2d 711 (11th Cir.1983); Blanchette v. Providence & Worcester Co., 428 F.Supp. 347 (D.Del.1977), it does not follow that such disclosures must be regarded as inadequate per se. The district court did not commit clear error in finding that this information was adequately disclosed.