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Originally Posted by Tabe
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Interesting, and hadn't heard about this before. And since the new regime bought the stock/corporate entity of the old publicly traded company, doesn't matter who the current owner actually is. The lawsuit is against the corporate entity/company, and not the individual owners. And this is exactly why when someone buys the corporate stock of a company they are acquiring, instead of just acquiring the separate company assets, normally the liability for any issues or problems that originated before the transfer/sale goes through and are now normally solely the new owner's problem. This is exactly why people that look to buy other companies are supposed to do adequate and thorough "due diligence" before finally closing such a deal, so they don't become stuck with issues and liabilities like this.
Unless there was a specific clause included in the original purchase/sales agreement that gives the purchasing party a window to somehow go back and still make the true offending party that actually caused the problem to pay for it to the new corporate owners, the new owners may be SOL.