Walter Energy, Inc. v. Audley Capital Advisers, LLP, [Ms. 1131104, Feb. 20, 2015] __ So. 3d __ (Ala. 2015). The Court affirms
the dismissal of an action under the Alabama Securities Act for failure
to meet the requirement of ¤ 8-6-12(a), Ala. Code 1975, that the
Act applies only "to persons who sell or offer to sell [securities]
when (1) an offer to sell is made in this state, or (2) an offer to buy
is made and accepted in this state." Just because the company whose
securities are at issue is an Alabama corporation is not a sufficient
basis for a claim under the Act. The complaint alleged that the defendants'
sales of Walter Energy stock occurred on the New York stock exchange and
were directed to Alabama. However, the complaint does not allege that
the offers were received in Alabama and so does not meet the test of the
statute. The Court also affirms the dismissal of Walter Energy's claim
of intentional interference with contractual or business relations. The
defendants, stock holders in Walter Energy, were not strangers to Walter
Energy's relationships with its other shareholders and its lenders.