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Business Organizations Keyed to Macey
Malone v. Brincat
Citation:732 A.2d 5 (1998)
Mercury is a publicly-traded company engaged in purchasing installment sales contracts from automobile dealers and providing short-term installment loans directly to consumers. This action was filed on behalf of the named plaintiffs and all persons who owned common stock of Mercury. The complaint alleged that the directors knowingly and intentionally breached their fiduciary duty of disclosure because the SEC filings made by the directors and every communication from the company to the shareholders since 1994 was materially false and that as a direct result of the false disclosures the company has lost all or virtually all of its value. The complaint also alleged that KPMG knowingly participated in the directors’ breaches of their fiduciary duty of disclosure. The individual director defendants contended that they owed no fiduciary duty of disclosure under the circumstances alleged in the complaint.
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