In the Text Case, Parshall V

Multiple Choice

In the text case, Parshall v. HCSB Financial Corporation, a plaintiff shareholder sought a preliminary injunction to stop a pending vote by shareholders of the merger between HCSB Financial and United Community Bank, Inc (UBI) . Plaintiff alleged that the Registration Statement was misleading and incomplete. Which of the following was the result?

A) The court held that the plaintiffs' proof was insufficient under the Water's factors to issue the preliminary injunction stopping the merger vote.
B) The court held that the plaintiff had enough proof to stop the merger vote because the defendant HCSB had hidden financial information from the shareholders in regards to the merger.
C) The court held that the defendants according to the evidence had in fact raised issues sufficient to cause the SEC to also question the merger tactics of the companies.
D) The court held that plaintiff was too late in the merger process to stop the vote with a preliminary injunction because the voting proxies had already been sent to hundreds of voters.
E) The court held that the plaintiff was not the proper plaintiff to bring the case and dismissed the case.