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James Hayden, solicitor in the Lexis®PSL Corporate team, considers the factors that the court will look at in assessing whether revisions to financial forecasts fall within a definition of material adverse effect (MAE).
The proceedings arose out of the acquisition by the claimant from the defendant of one of its business divisions. The claimant claimed damages for loss it said resulted from fraudulent misrepresentations made by the defendant in respect of the forecasts on which the claimant relied, and damages for breach of contract. The defendant applied to strike out the particulars of claim or, alternatively, for summary judgment. The Commercial Court held that, in the circumstances, the defendant was entitled to the relief sought in one regard.
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