BUSINESS TORTS - WALTER ENERGY, INC. V. AUDLEY CAPITAL ADVISERS, LLP
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.
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