In some circumstances, a buyer may be liable under the federal common law theory of successor liability. Successor liability requires an equitable consideration of whether: (1) there is a substantial continuity of business operations; (2) the successor had notice of the claims prior to its acquisition of the company; and (3) the predecessor has the ability to provide relief on the claims.
Rose v. Grappler Pressure Pumping, L.L.C., 2025 WL 416996 (5th Cir. 2025) (unpublished).