Underwriters and joint lead managers conducting an Accelerated Renounceable Entitlement Offer do not owe a duty of care to individual exempt shareholders to identify them and inform them of their entitlement to participate in the Institutional Offer, particularly where the shareholder is a sophisticated investor with access to information and professional advisers. The absence of vulnerability is determinative in such cases. Parties are bound by their forensic choices at trial and cannot reconstitute their case on appeal after a key witness's evidence is rejected.
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