Opinion ID: 6800376
Heading Depth: 2
Heading Rank: 3

Heading: Fairness Statements

Text: Appellants allege the Fairness Statements were false because the Appellees knew the merger was not fair. In support of this position, Appellants rely on various allegations concerning Keryx’s share price, Keryx’s instructions that MTS use the Adjusted Projections, MTS’s analyses, and Keryx employees’ incentives for closing the transaction. However, Appellants’ claim fails because it is not plausibly alleged. As Appellees argue, Appellants’ claim relies on facts that were specifically disclosed in the Proxy. The Proxy also contains several other positive considerations that Appellees weighed in making its Fairness Statements. Without more, we cannot conclude that Appellants sufficiently pleaded facts that support the inference that Appellees genuinely disbelieved the Fairness Statements.