Illinois Appellate Court
Civil Court
Mergers
Court properly dismissed, for failure to state a claim, fraud complaint filed by investment fund based in the British Virgin Islands against a pharmaceutical company. Plaintiff alleged that Defendant made fraudulent misrepresentations as to status of merger agreement, inducing it to maintain its judgment that merger agreement would close and hold American depository receipts of about $30 million. Plaintiff failed to adequately plead reliance and damages and thus failed to plead a claim for fraud.(HOFFMAN and ROCHFORD, concurring.)