Full opinion text
OPINION ROTH, Circuit Judge: This appeal arises from the 1998 merger of Daimler-Benz AG, a German corporation and owner of the Mercedes-Benz brand, and Chrysler Corporation, one of the “Big Three” American automakers. Prior to closing, the merger had been billed as a “merger of equals,” with management of the new company, Daimler-Chrysler AG, to be shared equally between former Daimler-Benz and Chrysler executives. Shortly after the merger, however, several former Chrysler executives left the company, leaving a greater share of control to the former Daimler-Benz executives. In 2000, the CEO of Da-imlerChrysler, Jurgen Schrempp, made public statements suggesting that these management changes were exactly what he and other Daimler-Benz executives had wanted prior to the merger. In response, various Chrysler shareholders, including Kirk Kerkorian’s investment company, Traeinda Corporation, brought suit against DaimlerChrysler, Daimler-Benz, Schrempp, Manfred Gentz, and Hilmar Kopper (Defendants), alleging fraud, misrepresentation, and other violations of the federal securities laws in connection with the merger. The Chrysler shareholders alleged that, had they known the merger was a takeover, rather than a “merger of equals,” they would have demanded a change-in-control premium upon consummation of the merger. The cases were consolidated before the United States District Court for the District of Delaware. Defendants reached a settlement with most of the plaintiffs. Tracinda’s case, however, culminated in a bench trial. In April 2005, the District Court issued a lengthy written opinion, finding in favor of Defendants on all counts. Tracinda appealed that finding, as well as the District Court’s pre-trial rulings striking Tracinda’s demand for a jury trial and dismissing defendant Hilmar Kopper for lack of personal jurisdiction. Defendants have cross-appealed, contending that the District Court erred in its post-trial decision, levying a half-million-dollar sanction against them for discovery violations. Defendants have also appealed the District Court’s denial of their motion for summary judgment on statute of limi- • tations grounds. I. BACKGROUND None of the District Court’s factual findings is challenged on Tracinda’s appeal. We derive the factual portion of the following summary from the District Court’s post-trial opinion. See Tracinda Corp. v. DaimlerChrysler AG, 364 F.Supp.2d 362, 366-388 (D.Del.2005). Our summary of the procedural history draws from the entire record. A. Factual Findings Tracinda Corporation is a holding company, involved primarily in private investment. Its chairman, chief executive officer, and sole shareholder is multi-bil-lionaire Kirk Kerkorian. Prior to the merger of Daimler-Benz and Chrysler Corporation in 1998, Tracinda was the largest holder of Chrysler stock- at approximately 14%. Between 1992 and 1996, Kerkorian had a contentious relationship with Chrysler’s managers. He frequently pressured them for stock buybacks, stock splits, and dividend increases, and he threatened to initiate a proxy fight in 1995. In 1996, Chrysler and Kerkorian settled their differences with various agreements. Among other things, Chrysler agreed to appoint a Tra-cinda designee, James Aljian, to the Chrysler Board of Directors. With Aljian on Chrysler’s Board, Kerko-rian acquired significant inside information about the company. In 1997, Aljian reported to Kerkorian that he believed Chrysler’s managers were inept and the company faced imminent financial trouble. Consequently, Kerkorian considered selling large blocks of Tracinda’s Chrysler shares and also looked into the possibility of a merger partner for Chrysler. Kerko-rian approached Bob Eaton, the chairman and CEO of Chrysler, to discuss a possible combination with Daimler-Benz. At that time, Kerkorian learned that Eaton had already spoken with Jurgen Schrempp, the chairman of Daimler-Benz’s Board of Management, about possibly merging Chrysler with Daimler-Benz. Kerkorian consulted Jerome York, Tracinda’s vice-chairman and the former chief financial officer of Chrysler. York advised Kerkori-an that “now is the time” for the merger because Chrysler faced imminent financial risk. York analyzed various issues relating to the potential merger, including the tax consequences for Tracinda, and reported his findings to Kerkorian. Kerkorian was enthusiastic about the merger as it would provide tremendous value to Chrysler shareholders. Schrempp and Eaton were the primary negotiators for Daimler-Benz and Chrysler. Over the course of several meetings, the two CEOs discussed various aspects of the proposed merger, including the tax consequences of incorporating the new company as an American corporation, as a German Aktiengesellschaft (AG), or as a corporate entity in another nation such as Holland. Schrempp and Eaton discussed the feasibility of joint management shared equally among executives from Daimler-Benz and Chrysler. Eventually, the term “merger of equals” was used to describe the proposed transaction. In a memo to Kerkorian, Aljian described the proposed management composition of the new company, DaimlerChrys-ler, and also characterized the merger as a “merger of equals” without elaboration. Kerkorian was not concerned with management structure and supported the merger even before the discussions about corporate governance. Kerkorian had some discussions with Eaton about the implementation of the merger, but they were “reasonably general” and “not on a very deep level.” Kerkorian understood that the details of the merger would be incorporated into the Business Combination Agreement (BCA). The Chrysler Board received a fairness opinion from Credit Suisse First Boston (CSFB), assessing the value of Chrysler shares in light of the proposed merger. CSFB analyzed the merger as a strategic business combination, not involving a sale of or change in control which might warrant a control premium. In determining that the proposed merger was fair to Chrysler shareholders, CSFB considered sixteen previously announced or completed transactions viewed as comparable. For each earlier “merger of equals,” CSFB listed one company as the “acquiror” and one company as the “target” and noted that the distribution of seats on the combined company’s boards was not always equal between acquiror and target. On May 6, 1998, the Chrysler Board of Directors unanimously approved the merger and recommended that the Chrysler shareholders do the same. On that same day, simultaneously with the execution of the BCA, Tracinda, Kerkorian, Chrysler, and Daimler-Benz executed the Stockholder Agreement (SHA), which obligated Tra-cinda to vote its shares in favor of the merger. The SHA contained a jury waiver clause: Each of the parties hereto ... agrees to waive any right to a trial by jury with respect to any claim, counterclaim or action arising out of or in connection with this Agreement or the transactions completed hereby. Schrempp signed the SHA on behalf of Daimler-Benz; he did not sign in his individual capacity. The agreement was negotiated at arm’s length with both sides represented by counsel and other advisors. Substantively, the SHA did not use the term “merger of equals” and contained no representations concerning corporate governance. Rather, the SHA referred to the BCA, which described the shared governance structure of the new company. Although the BCA used the term “merger of equals” and contained a lengthy definition section, the BCA did not define that term. On August 6, 1998, the proxy statement and prospectus (Proxy) — which described the proposed merger between Daimler-Benz and Chrysler and sought shareholder approval for the transaction — was filed with the SEC. The Proxy was mailed to the Chrysler shareholders along with several attached documents, including a cover letter from Eaton, the BCA, and the CSFB opinion. The Proxy stated, among other things, that “DaimlerChrysler AG” would be the surviving entity, it would be incorporated in Germany, and it would have two headquarters (in Auburn Hills, Michigan, and Stuttgart, Germany). The Proxy explained that the German AG form was chosen primarily for its tax advantages. The Proxy described various risks relating to the merger, including the difficulties inherent in integrating two large corporations from different countries and business cultures. The Proxy reiterated the terms of the BCA’s corporate governance provisions, noting among other things that (1) the DaimlerChrysler Supervisory Board would consist of 5 shareholder representatives designated by Daimler-Benz, another 5 from Chrysler, and 10 labor representatives; (2) the Da-imlerChrysler Management Board would initially consist of 8 members designated by Daimler-Benz, another 8 from Chrysler, and 2 members from Daimler’s nonautomotive group; and (3) Schrempp and Eaton would serve as co-CEOs of Daim-lerChrysler for three years. The Proxy included a clear standalone clause that stated these initial management structures could change after the merger was consummated. Kerkorian did not concern himself with the Proxy because he had already committed in the SHA to voting for the merger. The Proxy repeatedly used the term “merger of equals” but did not expressly define it. The term is first used in the Proxy to describe the similar size of the Daimler-Benz and Chrysler constituencies and later used to describe the joint leadership of the new company, as provided in the BCA. The term is used in Eaton’s cover letter in a similar fashion. The Proxy also used the term in reference to CSFB’s fairness opinion, which compared the proposed merger to earlier strategic combinations not involving a sale of control. After a media campaign by Daimler-Benz and Chrysler to foster support for the proposed “merger of equals,” the Chrysler shareholders voted overwhelmingly (97%) for the merger. Chrysler’s shareholders received approximately 42% of DaimlerChrysler’s outstanding shares and Daimler-Benz shareholders received approximately 58%. On November 12, 1998, the merger closed consistent with the provisions in the BCA, including those relating to shared corporate governance. For two years, the composition of the DaimlerChrysler Supervisory Board did not change; 5 of the 10 shareholder representatives were former Chrysler directors. As provided for in the BCA, the DaimlerChrysler Management Board initially consisted of 10 designees from Daimler-Benz and 8 from Chrysler. Because the Management Board acted by consensus rather than through formal votes, the initial disparity between Chrysler and:.Daimler-Benz designees was not significant. The managers from Chrysler were able to provide their input with regard to all operations of DaimlerChrysler and their opinions were taken seriously. The Integration Committee, a transitional body provided for in the BCA, was formed with 50% of its members from Chrysler and 50% from Daimler-Benz, pursuant to the terms of the BCA. This committee was later renamed the Shareholder Committee. Aljian was a member of the Shareholder Committee until Kerkorian directed him to resign on November 24, 2000. Consistent with the BCA, Daimler-Chrysler maintained two operational headquarters, in Stuttgart and Auburn Hills. Because both Daimler-Benz and Chrysler designees considered the 18-person Management Board to be too large, approximately a year after the merger the Board was reduced to 14 members. Five of the remaining members were Chrysler designees. At the time, neither Aljian nor Kerkorian was concerned about this imbalance. The three Chrysler designees who first left the Management Board were Dennis Pawley (voluntarily retired), Ted Cunningham (asked to resign), and Thomas Stallkamp (fired). Later, on January 26, 2000, Eaton also voluntarily retired. The BCA had stated that Eaton would remain co-CEO for three years, but Eaton chose to depart early for personal reasons. In late 2000, another former Chrysler executive, James Holden, was removed from the Management Board. Holden had been placed in charge of the Chrysler brands after Eaton’s retirement and was held responsible for the Chrysler Group’s $500 million loss in the third quarter of 2000. Most Board members, including those designated by Chrysler, supported the removal of Holden in light of the Chrysler Group’s abysmal performance. At the time of trial, only one executive from Chrysler, Tom Sidlik, remained on the Management Board; four former Chrysler directors served on the Supervisory Board. In late 2000, the management changes at DaimlerChrysler were widely reported in the press. Because the Germans were taking over a larger share of management control in the new company, there was widespread speculation that, contrary to its billing, the merger between Daimler-Benz and Chrysler had not been a “merger of equals.” Around this time, Schrempp agreed to interviews with the London Financial Times and Barron’s Magazine. During these interviews, Schrempp made various statements suggesting that, in order to close the merger, he had intentionally misled the public, Chrysler shareholders, and Chrysler management into thinking the Daimler-Benz/Chrysler merger was a “merger of equals,” even though he had no intention of sharing control of the. combined company with the Americans. For example, in the Financial Times, Schrempp was quoted as saying: Me being a chess player, I don’t normally talk about the second or third move. The structure we have now with Chrysler (as a standalone division) was always the structure I wanted. We had to go a roundabout way but it had to be done for psychological reasons. If I had gone and said Chrysler would be a division, everybody on their side would have said, “There is no way we’ll do a deal.” But it’s precisely what I wanted to do. In Barron’s, Schrempp was quoted as saying: We said in spirit it was a merger of equals, but in our minds we knew how we wanted to structure the company, and today I have it. I have Daimler, and I have divisions. Schrempp did not deny making these statements and never issued a correction or demanded a retraction. B. Procedural History A few months after these interviews were made public in late 2000, Tracinda filed suit against Daimler-Benz, Daimler-Chrysler, and DaimlerChrysler executives Schrempp, Manfred Gentz, and Hilmar Kopper (collectively DaimlerChrysler). In its complaint, Tracinda alleged violations of Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934 (and SEC Rules 10b-5 and 14a-9 promulgated thereunder) and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. Tracinda also alleged common law fraud and civil conspiracy. Prior to trial, Tracinda voluntarily dropped its ’33 Act claims. In addition, DaimlerChrysler successfully moved to dismiss Tracinda’s civil conspiracy claim, and Kopper successfully moved for dismissal of the action against him, based on lack of personal jurisdiction. Daimler-Chrysler unsuccessfully moved for summary judgment on statute of limitations grounds, but its motion to strike Tracin-da’s jury demand was granted. A bench trial commenced on the remaining claims (for common law fraud and ’34 Act violations under § § 10, 14, and 20) against the remaining defendants (Daimler-Benz, Da-imlerChrysler, Schrempp, and Gentz). After a 13-day bench trial, the District Court issued a 123-page opinion with 51 pages of factual findings; the factual findings are not challenged on appeal. In its post-trial opinion, the District Court made numerous rulings, including (1) dismissing Gentz for lack of personal jurisdiction, (2) concluding that Tracinda could allege its § 14 claim, (3) entering judgment for Da-imlerChrysler on Tracinda’s oral misrepresentation claims under § 10 and § 14 because Tracinda failed to prove Daimler-Chrysler made any false or misleading oral statements, (4) entering judgment for DaimlerChrysler on Tracinda’s written misrepresentation claims under § 10 and § 14 because Tracinda failed to prove Da-imlerChrysler made any false or misleading written statements, (5) concluding that, even if Tracinda did show that Daim-lerChrysler’s oral or written statements were false or misleading under § 10 or § 14, those misrepresentations would not have been material to Tracinda, a sophisticated party with insider information, (6) entering judgment for DaimlerChrysler on Tracinda’s “control person” claim under § 20, as that claim is predicated on a primary violation of the federal securities law (such as a violation of § 10 or § 14) and Tracinda failed to prove a primary violation at trial, and (7) entering judgment for DaimlerChrysler on Tracinda’s common law fraud claim, as that claim requires a showing of misrepresentation, and misrepresentation was not proven at trial. Of these rulings, Tracinda appeals only the District Court’s decision with respect to the § 14 written misrepresentation claim. Specifically, Tracinda alleges that the District Court erred (1) by concluding that DaimlerChrysler’s statements were not false or misleading, (2) by applying a subjective standard rather than an objective one in assessing the materiality of the alleged misrepresentations, and (3), along a similar line, by requiring Tracinda to prove reliance, which is not an element of a § 14(a) claim. Tracinda also appeals the District Court’s orders granting Daimler-Chrysler’s motion to strike the jury demand and Kopper’s motion to dismiss for lack of personal jurisdiction. On cross-appeal, DaimlerChrysler challenges two other rulings by the District Court. DaimlerChrysler asserts that the District Court abused its discretion by levying a half-million dollar discovery sanction against DaimlerChrysler absent bad faith and particularized proof of costs and fees. DaimlerChrysler also contends that, if the District Court’s judgment is not affirmed in all respects, this Court should reverse the District Court’s denial of Da-imlerChrysler’s motion for summary judgment on statute of limitations grounds. II. DISCUSSION Subject matter jurisdiction was premised on Section 27 of the Securities Exchange Act of 1934, 15 U.S.C. § 78aa, Section 22 of the Securities Act of 1933, 15 U.S.C. § 77v; 28 U.S.C. § 1367, and 28 U.S.C. § 1331 and § 1332. We have appellate jurisdiction pursuant to 28 U.S.C. § 1291 and § 1294(1). Tracinda’s appeal and DaimlerChrysler’s cross-appeal are timely under 28 U.S.C. § 2107 and Fed. R.App. P. 4(a)(1)(A) and 4(a)(3). A. Jury Trial Waiver In granting DaimlerChrysler’s motion to strike Tracinda’s jury demand, the District Court concluded that the Stockholder Agreement entered into by Tracinda, Ker-korian, Daimler-Benz and Chrysler contained a broadly worded jury trial waiver that covered the claims brought by Tra-cinda against Defendants. The District Court determined that, in light of the business sophistication of all parties involved, the waiver was entered into knowingly and voluntarily. The District Court also found that the waiver covered the individual defendants, Schrempp and Gentz, who are not parties to the agreement. The District Court based these conclusions on ordinary agency principles that we have previously applied when interpreting agreements to arbitrate. Although Tracinda does not contest that the jury waiver covers Daimler-Benz and Chrysler, Tracinda asks us to remand for a jury trial involving both corporate and individual defendants because it claims that parallel trials involving common issues of fact and law (a bench trial for the corporate defendants and a jury trial for the individual defendants) would be unworkable and in violation of the Seventh Amendment. DaimlerChrysler argues in opposition that the District Court correctly construed the SHA by applying the jury waiver to all defendants. DaimlerChrysler contends that the District Court applied the appropriate constitutional standard for assessing the validity of the jury waiver and that it was appropriate for the District Court to look to the arbitration clause cases for ordinary agency and equitable estoppel principles. To decide this issue, we must determine whether a valid contractual jury waiver provision, which applies to a signatory corporation, will also apply to a non-signatory officer acting as an agent of the signatory corporation. 1. Non-Signatory Agents Because Tracinda has not challenged the District Court’s findings that the jury waiver was valid and that Schrempp was an agent of Daimler-Benz, we are left to determine whether the District Court correctly construed the jury waiver provision to cover the non-signatory agent of the signatory principal. The right to a jury trial in a civil case is a fundamental right expressly protected by the Seventh Amendment to the United States Constitution. Aetna Ins. Co. v. Kennedy, 301 U.S. 389, 393, 57 S.Ct. 809, 81 L.Ed. 1177 (1937); Bouriez v. Carnegie Mellon Univ., 359 F.3d 292, 294 (3d Cir.2004). The question of a waiver of a constitutional right, including the Seventh Amendment right to a jury trial, is a federal question controlled by federal law. See Brookhart v. Janis, 384 U.S. 1, 4, 86 S.Ct. 1245, 16 L.Ed.2d 314 (1966); In re City of Phila. Litig., 158 F.3d 723, 726 (3d Cir.1998). Federal courts apply federal law in determining whether a contractual jury trial waiver is enforceable. See K.M.C., Inc. v. Irving Trust Co., 757 F.2d 752-56 (6th Cir.1985). Using federal law to determine the jury trial right assures “the uniformity in its exercise which is demanded by the Seventh Amendment.” Simler v. Conner, 372 U.S. 221, 222, 83 S.Ct. 609, 9 L.Ed.2d 691 (1963) (per curiam). Because the “right of jury trial is fundamental, courts indulge every reasonable presumption against waiver.” Aetna, 301 U.S. at 393, 57 S.Ct. 809; Collins v. Gov’t of Virgin Islands, 366 F.2d 279, 284 (3d Cir.1966). Nevertheless, as with other constitutional rights, the Supreme Court has long recognized that a private litigant may waive the right to a jury trial in a civil case. Commodity Futures Trade Comm’n v. Schor, 478 U.S. 833, 848-849, 106 S.Ct. 3245, 92 L.Ed.2d 675 (1986); In re City of Phila. Litig., 158 F.3d 723, 726 (3d Cir.1998); Nat’l Equip. Rental, Ltd. v. Hendrix, 565 F.2d 255, 258 (2d Cir.1977); see also Fed.R.Civ.P. 38. To be valid, a jury waiver must be made knowingly and voluntarily based on the facts of the case. Brookhart, 384 U.S. at 4-5, 86 S.Ct. 1245; Hendrix, 565 F.2d at 258; 8 James Wm. Moore et al., Moore’s Federal Practice ¶ 38.14 (3d ed. 1997 & Supp.2005); see also First Union Nat’l Bank v. United States, 164 F.Supp.2d 660, 663 (E.D.Pa.2001) (listing factors). Tracinda does not challenge the District Court’s finding that the contractual jury waiver was entered into knowingly and voluntarily. Rather, Tracinda argues that the District Court erred as a matter of law by applying an agency principle used in arbitration clause cases such as Pritzker v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 7 F.3d 1110, 1115 (3d Cir.1993), to hold that Schrempp, a non-signatory agent, is covered by the waiver. Tracinda points out that, while all reasonable presumptions should be construed against jury waivers, Collins, 366 F.2d at 284, courts have construed arbitration agreements in light of the Federal Arbitration Act (FAA) policy that “any doubts concerning the scope of arbitral issues should be resolved in favor of arbitration.... ” Pritzker, 7 F.3d at 1114-15. Tracinda contends that, by relying on arbitration clause cases, the District Court applied a presumption in favor of jury waiver, when in fact the Seventh Amendment requires a presumption against waiver. Considering that the “loss of the right to a jury trial is a necessary and fairly obvious consequence of an agreement to arbitrate,” Snowden v. CheckPoint Check Cashing, 290 F.3d 631, 638 (4th Cir.2002), and that the “submission of a case to arbitration involves a greater compromise of procedural protections than does the waiver of the right to trial by jury,” Gurfein v. Sovereign Group, 826 F.Supp. 890, 921 (E.D.Pa.1993) (Poliak, J.), some commentators consider it curious that courts apply a presumption in favor of an arbitration clause but against a mere jury waiver provision. Nevertheless, the tension between the cases favoring arbitration clauses and those disfavoring jury waivers does not affect the propriety of the District Court’s reliance here on arbitration cases such as Pritzker. The reason for this is that, in Pritzker and similar arbitration clause cases, it is traditional agency principles of who is bound by an agreement— and not the FAA’s favoring of arbitration over a jury trial — which determined who was bound by the agreement to arbitrate. In Pritzker, pension plan trustees brought an ERISA action against three defendants — a brokerage firm that traded on behalf of the pension plan, the brokerage firm’s wholly owned subsidiary, which provided the pension plan with investment advice, and an individual broker who serviced the pension plan’s accounts. The trustees alleged violations, arising out of the cash management accounts opened with the brokerage firm. Because each cash management agreement between the pension plan and the brokerage firm contained an arbitration clause, all defendants moved to compel arbitration, despite the fact that only the brokerage firm, and not the wholly owned subsidiary or the individual broker, was a party to the cash management agreements. The District Court denied the motion to compel arbitration and the defendants appealed. On appeal, the trustees defended the District Court’s ruling by urging that they could not be compelled to arbitrate because two of the three defendants — the subsidiary and the broker — were not signatories to any agreement containing an arbitration clause. We rejected this argument and reversed the order of the district court based on “traditional agency theory” principles. Pritzker, 7 F.3d at 1121. Specifically, we stated that, “[bjecause a principal is bound under the terms of a valid arbitration clause, its agents, employees, and representatives are also covered under the terms of such agreements.” Id. Relying on Pritzker, the District Court rejected Tracinda’s argument that the individual defendants, who did not sign the agreement containing the jury waiver, were not bound by it. The District Court held that the jury waiver covered both the signatory corporations and its nonsignato-ry officers and directors. This was a proper determination — not of whether the jury waiver was knowing and enforceable, Tra-cinda conceded that — but of who, under traditional agency principles, was bound by that agreement. The Pritzker rule — that nonsignatory agents may invoke a valid arbitration agreement entered into by their principal — is well-settled and supported by other decisions of this Court. See Barrowclough v. Kidder, Peabody & Co., 752 F.2d 923, 938-39 (3d Cir.1985), overruled on other grounds by Pritzker, 7 F.3d at 1115 n. 5 (holding that contingent beneficiaries’ “inchoate and derivative claims should not entitle them to maintain separate litigation in a forum that has been waived by the principal beneficiary.”); Isidor Paiewonsky Assocs., Inc. v. Sharp Props., Inc., 998 F.2d 145, 155 (3d Cir.1993) (holding that an arbitration agreement between a landlord and a “head tenant” also covered a subtenant, who was not a party to the agreement, where the head tenant and subtenant had interests that were “directly related”); E.I. DuPont de Nemours & Co. v. Rhone Poulenc Fiber & Resin Intermediates, S.A.S., 269 F.3d 187, 198-99 (3d Cir.2001) (reaffirming that “[traditional principles of agency law may bind a non-signatory to an arbitration agreement.”) Tracinda, however, attempts to cast doubt on Pritzker and similar cases by citing to our decision in Bel-Ray Co. v. Chemrite Ltd., 181 F.3d 435 (3d Cir.1999). In Bel-Ray, a New Jersey manufacturer, alleging various business torts against its South African distributor, brought suit to compel arbitration in New Jersey based on arbitration agreements entered into by the manufacturer and a predecessor of the distributor. The manufacturer also alleged claims against various officers and directors of the distributor and sought to compel arbitration against them. The distributor and the individual defendants objected to arbitration. We held that the distributor was bound to arbitrate, Bel-Ray, 181 F.3d at 440-443; however, we also held that the individual defendants were not bound to arbitrate as they were not signatories to the arbitration agreements, id. at 444-446. We discussed Pritzker and a similar case, Letizia v. Prudential Bache Sec., 802 F.2d 1185 (9th Cir.1986), but distinguished those cases because, like the instant case, they involved nonsignatory agents who sought to invoke an arbitration agreement entered into by their corporate principal, whereas Bel-Ray involved nonsignatory agents who sought to avoid their principal’s agreement to arbitrate. Bel-Ray, 181 F.3d at 444. This is not a “distinction without a difference.” DuPont, 269 F.3d at 202 (discussing the related concept of equitable estoppel as applied in the arbitration context and noting that courts are willing to estop a signatory from avoiding an arbitration clause but are reluctant to enforce an arbitration clause against a nonsignatory who seeks to avoid it); see also Thomson-CSF, S.A. v. Am. Arbitration Assoc., 64 F.3d 773, 779 (2d Cir.1995) (same). In the instant action, Schrempp, a nonsignatory agent, seeks to invoke the jury waiver provision in the agreement entered into by his corporate principal, Daimler-Benz. Therefore, Pritzker and Letizia are similar to the case before us and Bel-Ray is distinguishable. Tracinda also relies on Paracor Fin. Inc. v. Gen. Elec. Capital Corp., 96 F.3d 1151 (9th Cir.1996) and Hulsey v. West, 966 F.2d 579 (10th Cir.1992) (per curiam). However, like Bel-Ray, these cases are distinguishable. In Paracor, the Court of Appeals for the Ninth Circuit did not allow a nonsignatory third-party financier and its CEO to invoke a jury waiver provision in a purchase agreement where they were not agents of the contracting party. 96 F.3d at 1166. Clearly Paracor is distinguishable from Pritzker and the instant action, where the non-signatories were agents of the signatory principals. In Hulsey, on a loan guarantor’s petition for writ of mandamus in which he sought to reinstate his jury demand, the Court of Appeals for the Tenth Circuit held that the nonsignatory guarantor was not bound by a jury waiver provision in an amendment to a loan agreement between the borrower and lender. 966 F.2d at 583. The court in Hulsey did not allow the signatory to enforce the waiver provision against the resistant nonsignatory who was being sued in his personal capacity. Therefore, Hul-sey is also distinguishable. As set out above, we conclude that, when a valid contractual jury trial waiver provision applies to a signatory corporation, the waiver also applies to nonsignato-ry directors and officers seeking to invoke the waiver as agents of the corporation. This rule is consistent with the concept that corporations can “act only through agents and employees.” Bel-Ray, 181 F.3d at 444; see also In re Mulco Prods., Inc., 123 A.2d 95, 103 (Del.Sup.Ct.1956) (“It is axiomatic that a corporation by structural necessity must act, if it acts at all, through its agents.”), aff'd sub nom. Mulco Prods., Inc. v. Black, 127 A.2d 851 (Del.1956); Nat’l Risk Mgmt., Inc. v. Bramwell, 819 F.Supp. 417, 434 (E.D.Pa.1993). If we did not allow nonsignatory agents of a signatory corporation to invoke a valid contractual jury waiver provision, such an “agreement would be of little practical value,” Trott v. Paciolla, 748 F.Supp. 305, 309 (E.D.Pa.1990), as “it would be too easy to circumvent the agreements by naming individuals as defendants instead of the entity” itself, Roby v. Corp. of Lloyd’s, 996 F.2d 1353, 1360 (2d Cir.1993). See also Arnold v. Arnold Corp., 920 F.2d 1269, 1281 (6th Cir.1990) (“[I]f appellant can avoid the practical consequences of an agreement to arbitrate by naming nonsig-natory parties as [defendants] in his complaint ... the effect of the rule requiring arbitration would, in effect, be nullified.”) (quotation marks and citations omitted). 2. Laches Next, we address Tracinda’s alternate argument that the District Court should have barred DaimlerChrysler’s motion to strike Tracinda’s jury demand on the basis of laches. Because laches is an equitable doctrine, we review the District Court’s decision for abuse of discretion. See Holmes v. Pension Plan of Bethlehem Steel Corp., 213 F.3d 124, 134 (3d Cir.2000). In order to successfully assert the defense of laches, Tracinda must show (1) “inexcusable delay” by DaimlerChrysler, and (2) “prejudice” to Tracinda “as a result of the delay.” Santana Prods., Inc. v. Bobrick Washroom Equip., Inc., 401 F.3d 123, 138 (3d Cir.2005). DaimlerChrysler moved to strike Tracinda’s jury demand approximately three years after Tracinda filed it. Tracin-da had demanded a jury trial against the individual defendants but not against the corporate defendants. DaimlerChrysler’s motion to strike came after the close of discovery, about six weeks before trial and approximately eight months after Daimler-Chrysler filed its motions for summary judgment. When DaimlerChrysler filed its motion to strike, the District Court had not yet decided all of DaimlerChrysler’s summary judgment motions. Tracinda contends that DaimlerChrysler strategically and inexcusably delayed filing its motion to strike and consequently caused Tracinda undue prejudice. Tracin-da argues that it would have conducted discovery differently had it known that it would be trying its case to the court rather than to a jury. Tracinda asserts that it was unable to modify its trial strategy in time because the District Court struck Tracinda’s jury demand only a few weeks before trial. In opposition, DaimlerChrys-ler contends that it did not inexcusably delay filing its motion to strike because the motion was filed in accordance with Federal Rule of Civil Procedure 39. Daimler-Chrysler also argues that Tracinda could not have been prejudiced by Daimler-Chrysler’s delay because Tracinda knew all along that its claims against the corporate defendants were likely to be tried by the court. DaimlerChrysler points out that Tracinda never demanded a jury trial against the corporate defendants, presumably because Tracinda was fully aware that the SHA’s jury waiver provision covered Daimler-Benz and Chrysler. Parties “have a great deal of latitude on the timing of motions to strike a jury demand.” MooRe’s Fedeeal PRACTICE ¶ 8-39.13. Since “a court has the power to act sua sponte at any time” under Rule 39, “it follows that a court has the discretion to permit a motion to strike a jury demand at any time, even on the eve of trial.” Id. For example, in United States v. Schoenborn, 860 F.2d 1448 (8th Cir.1988), the government filed a motion to strike the defendant’s jury demand one week before trial, and the District Court granted the government’s motion one day before trial. Id. at 1455. On appeal, the defendant conceded that he had no constitutional or statutory right to a jury trial in light of the fact that the government’s suit for restoration of wetlands was in equity and defendant’s counterclaims were against the United States. Nevertheless, the defendant asserted that the District Court abused its discretion by striking his jury demand because the government’s motion came immediately before trial and was in violation of the court’s pretrial scheduling order. Citing Rule 39(a), the Court of Appeals for the Eighth Circuit rejected defendant’s argument. Id. See United States v. L.D.T. Corp., 302 F.Supp. 990, 991 (E.D.Pa.1969) (rejecting laches defense to government’s motion to strike defendant’s jury demand where government waited five years to file its motion but defendant showed no resulting prejudice from the delay other than the “mere lapse of time”). Because a party may file a motion to strike a jury demand at any time under Rule 39(a), we conclude that Daimler-Chrysler did not commit inexcusable delay by filing its motion to strike after the close of discovery. Having reached this conclusion, we need not consider whether Daim-lerChrysler’s delay caused prejudice to Tracinda. ■ The District Court did not abuse its discretion by rejecting Tracinda’s laches defense. As discussed above, Tracinda does not challenge the District Court’s findings that the SHA’s jury waiver is valid, that it covers the claims brought by Tracinda, and that Schrempp is an agent of Daimler-Benz, a signatory to the SHA. Therefore, in light of our holding that a nonsignatory agent of a signatory corporation may invoke a contractual jury waiver provision, we will affirm the District Court’s order striking Tracinda’s jury demand as to all defendants: B. Written Misrepresentation Under § 14 After a three-week bench trial, the District Court issued a very thorough written opinion devoting over 50 pages to findings of fact and over 70 pages to conclusions of law, only one of which is challenged on appeal, i.e., the conclusion that no misrepresentation had occurred under § 14(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder. Section 14(a) is designed “to prevent management or others from obtaining authorization for corporate actions by means of deceptive or inadequate disclosures in proxy solicitations.” Seinfeld v. Becherer, 461 F.3d 365, 369 (3d Cir.2006) (quotation marks omitted). Section 14(a) makes it unlawful to solicit a proxy “in contravention of such rules and regulations as the [SEC] may prescribe as necessary and appropriate in the public interest or for the protection of investors.” 15 U.S.C. § 78n(a). Rule 14a-9, which the SEC promulgated under § 14(a), provides that no proxy statement shall contain “any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false or misleading or necessary to correct any statement in any earlier communication with respect to the solicitation of a proxy for the same meeting or subject matter which has become false or misleading.” 17 C.F.R. § 240.14a-9(a) (emphasis added). Pursuant to J.I. Case v. Borak, 377 U.S. 426, 84 S.Ct. 1555, 12 L.Ed.2d 423 (1964), which found an implied private right of action under § 14(a), shareholders are authorized to sue for damages when a misrepresentation in a proxy statement interferes with “fair corporate suffrage.” Id. at 431, 84 S.Ct. 1555. To prevail on a § 14(a) claim, a plaintiff must show that “(1) a proxy statement contained a material misrepresentation or omission which (2) caused the plaintiff injury and (3) that the proxy solicitation itself, rather than the particular defect in the solicitation materials, was an essential link in the accomplishment of the transaction.” Cal. Pub. Employees’ Ret. Sys. v. Chubb Corp., 394 F.3d 126, 144 (3d Cir.2004) (citing Gen. Elec. Co. v. Cathcart, 980 F.2d 927, 932 (3d Cir.1992) (citing Mills v. Elec. Auto-Lite Co., 396 U.S. 375, 385, 90 S.Ct. 616, 24 L.Ed.2d 593 (1970))). To be actionable under Rule 14a-9, “a statement or omission must have been misleading at the time it was made; liability cannot be imposed on the basis of subsequent events.” In re NAHC, Inc. Sec. Litig., 306 F.3d 1314, 1330 (3d Cir.2002). Information “is material if there is a substantial likelihood that a reasonable shareholder would consider it important in deciding how to vote.” Shaev v. Saper, 320 F.3d 373, 379 (3d Cir.2003) (citing TSC Indus., Inc. v. Northway, Inc., 426 U.S. 438, 449, 96 S.Ct. 2126, 48 L.Ed.2d 757 (1976)). In order to succeed, a § 14(a) claim that relies on the undisclosed intent and “unclean heart of a director” must also be accompanied by objective and external evidence of actual misrepresentation. Lewis v. Chrysler Corp., 949 F.2d 644, 651 (3d Cir.1991); see also Virginia Bankshares, Inc. v. Sandberg, 501 U.S. 1083, 1095-96, 111 S.Ct. 2749, 115 L.Ed.2d 929 (1991) (holding that § 14(a) liability may not be established on “mere disbelief or undisclosed motive without any demonstration that the proxy statement was false or misleading”). At trial, Tracinda sought to prove that DaimlerChrysler made false and/or misleading statements and/or omissions in the Proxy and associated documents with regard to four topics material to Tracinda’s decision to vote in favor of the proposed merger at the stock price offered to Chrysler shareholders. First and foremost, Tracinda alleged that DaimlerChrys-ler made misrepresentations in the Proxy, together with Eaton’s cover letter and the attached BCA, by characterizing the proposed merger as a “merger of equals.” Second, Tracinda alleged that the Proxy contained misrepresentations and omissions relating to the reasons for choosing the German AG corporate form and the extent of the negotiations behind that decision. Third, Tracinda alleged that the Proxy omitted certain risk factors of the merger, including the possibility that the shared corporate governance structure provided for in the BCA could be altered in favor of former Daimler-Benz executives shortly after closing. Fourth, Tra-cinda alleged that a press release attached to Chrysler’s SEC Form 8-K, filed to announce the proposed merger and incorporated by reference by the Proxy, falsely stated that the two DaimlerChrysler Management Board members representing non-automotive interests from the Daimler-Benz side would be non-voting members. After trial, the District Court concluded that Tracinda had not shown that the Proxy and associated documents contained any misrepresentations under § 14(a) and Rule 14a-9. The District Court also concluded, as a secondary basis for its decision, that even if the statements and omissions at issue were false or misleading, they had not been material to Tracinda’s decision to vote its shares in favor of the proposed merger. The District Court noted that, prior to the merger, Tracinda had been focused on the economics of the transaction, not corporate governance or structural issues. The District Court also concluded that Tracinda, a highly sophisticated investor with unique access to the Chrysler Board, did not rely on the Proxy documents in deciding how to vote. The District Court noted that Tracinda had committed to vote for the merger, by way of the Stockholder Agreement, before the Proxy solicitation and 8-K release. Thus, the alleged misrepresentations in the Proxy could not have caused injury to Tracinda. On appeal, Tracinda argues that the District Court erred (1) by concluding that the Proxy and associated documents did not contain any actionable misrepresentations, (2) by applying a subjective standard rather than an objective one in assessing the materiality of the 'alleged misrepresentations, and, along a similar line, (3) by requiring Tracinda to prove causation by demonstrating its reliance on the alleged misrepresentations where no such proof was required. .With regard to whether there were written misrepresentations, Tracinda argues that plenary review applies for two reasons. First, the District Court’s finding of no written misrepresentation is similar to a finding made upon a Rule 12(b)(6) motion to dismiss. Second, in finding the term “merger of equals” not false or misleading, the District Court engaged in contract construction of the BCA. We do not agree, however, that plenary review applies. Whether any particular representation in the Proxy was false or misleading is a question of fact subject to review under the clearly erroneous standard. See Healey v. Chelsea Res., Ltd., 947 F.2d 611, 618 (2d Cir.1991) (“Matters of misrepresentation, knowledge, reliance, causation, and scienter are questions of fact, and the trial court’s findings as to those facts may not be set aside unless they are clearly erroneous.”) (citing Fed.R.Civ.P. 52(a)). Furthermore, plenary review is not appropriate here because Tracinda did not allege breach of contract; it alleged fraud and violations of the federal securities laws. The District Court engaged in interpretation of the BCA’s corporate governance provisions in order to decipher the meaning of the term “merger of equals,” as it was used in the Proxy, for the purposes of determining whether any misrepresentation had occurred. The District Court did not engage in construction of the BCA in order to determine the legal relations of the BCA signatories pursuant to that contract. See John F. Harkins Co. v. Waldinger Corp., 796 F.2d 657, 659-660 (3d Cir.1986) (noting that contract interpretation — the determination of “ ‘what ideas [the contract] language induces in other persons’ ” — is a question of fact reviewed under the clearly erroneous standard, whereas contract construction — “ ‘the determination of the legal relations of the parties’ ” to the contract — is a question of law reviewed under the de novo standard) (quoting 3 Corbin, Corbin on Contracts § 534 at 9 (1960)). We will review the District Court’s post-trial finding of no misrepresentation for clear error. Under the clearly erroneous standard, “ ‘a finding of fact may be reversed on appeal only if it is completely devoid of a credible eviden-tiary basis or bears no rational relationship to the supporting data.’ ” Shire U.S., Inc. v. Barr Labs., Inc., 329 F.3d 348, 352 (3d Cir.2003) (citation omitted). Because we agree with the District Court that, as a factual matter, the Proxy and associated documents contained no misrepresentations, we need not reach the second and third issues on appeal, regarding the proper legal standards for determining materiality and causation. 1. “Merger of Equals” We begin with the most prominent alleged written misrepresentation, i.e., the characterization of the merger of Daimler-Benz and Chrysler as a “merger of equals.” We must answer two questions. First, as a factual matter, was the District Court’s definition of the term “merger of equals” clearly erroneous? Second, also as a factual matter, was it clearly erroneous for the District Court to find the term “merger of equals,” so defined, not false or misleading? As described by the District Court, the term “merger of equals” appears in three relevant documents: (1) the Proxy/Prospectus, which solicited Chrysler shareholder approval for the proposed merger; (2) Eaton’s cover letter to the Proxy, which introduced the proposed merger and an~ nounced a special stockholder meeting; and (3) the BCA, which dictated the terms of the business combination and was attached and referred to in the Proxy. Of these three documents, language describing a “merger of equals” appears in Eaton’s cover letter as follows: The Chrysler Merger and the other transactions described in the attached Proxy Statement/Prospectus together will have the effect of combining the businesses, stockholder groups, managements and other constituencies of Chrysler and Daimler-Benz in a “merger of equals” transaction. Daimler-Chrysler AG will bring together two companies with equal financial strength under the joint leadership of both management groups and with its common equity about evenly split between the two shareholder groups. Eaton’s cover letter demonstrates that “merger of equals” could refer to (1) the similar size and strength of Daimler-Benz and Chrysler, or (2) the joint corporate governance that was to be shared between managers from both companies — or both. Because Tracinda did not claim that Daimler-Benz and Chrysler were not equal in size or strength at the time of the merger, the District Court focused on the corporate governance aspect of the merger. The District Court noted that the Proxy repeatedly referred to the proposed transaction as a “merger of equals” but failed to define the term. The Proxy reiterated the joint governance provisions for the combined company as set forth in the BCA and made reference to “[t]he merger of equals corporate governance structure contemplated by the [BCA].” Importantly, the District Court concluded that the Proxy made clear that these joint governance provisions were “initial” management compositions subject to change after consummation of the merger and that vacancies in the management board of the new company could be filled without regard to former corporate affiliation. The District Court emphasized that the Proxy clearly stated, in a standalone clause immediately following 'the summary of the BCA’s corporate governance provisions, that the “Combination Agreement [BCA] contains no provision that would bar governance changes after the Transactions have been consummated.” In the BCA, the term “merger of equals” was first introduced as follows: WHEREAS, Daimler-Benz and Chrysler desire to combine their respective businesses, stockholder groups, managements and other constituencies in a merger-of-equals transaction upon the terms and subject to the conditions of this Restated Agreement; WHEREAS, Daimler-Benz, Chrysler and DaimlerChrysler AG desire to make certain representations, warranties, covenants and agreements in connection with the transactions contemplated by this Restated Agreement.... The District Court noted that the BCA provided that “DaimlerChrysler AG shall have a corporate governance reflecting that the transactions contemplated herein are a merger of equals.” Based on this language, and the language in the Proxy and Eaton’s cover letter, the District Court concluded, as a factual matter, that the term “merger of equals” was to be understood as incorporating the joint corporate governance provisions set forth in the BCA. This conclusion was firmly grounded in the evidence presented at trial and was not clearly erroneous. Was it clearly erroneous then for the District Court to find the term “merger of equals,” as defined in relation to the BCA, not to be false or misleading? In order to make this determination, we must assess whether DaimlerChrysler followed the corporate governance structure set forth in the BCA. Pursuant to German law, the BCA provided for a DaimlerChrysler Supervisory Board responsible for appointing members to the Management Board and overseeing their operations. The BCA states that the Supervisory Board shall consist of 20 members, including 10 labor representatives (pursuant to German law), 5 shareholder representatives designated by Daimler-Benz, and 5 shareholder representatives designated by Chrysler. The District Court found that this provision was followed; Tracinda does not assert otherwise. At the time the District Court issued its post-trial opinion, the Supervisory Board was about evenly split between Daimler-Benz and Chrysler designees. DaimlerChrysler’s handling of the Management Board, however, is a more contentious issue. The post-merger changes to that board’s composition, as colored by Schrempp’s comments in the Financial Times and Barron’s, are what prompted Tracinda to bring its suit. With respect to the Management Board’s composition, the BCA states (with emphasis added): The Management Board ... of Daimler-Chrysler AG shall consist of 18 members. In general, 50% of such members shall be those designated by Chrysler, and 50% of such members shall be those designated by Daimler-Benz, and there will be two additional members with responsibility for Daimler-Benz’s non-automotive businesses. For three years following the Effective Time, Jurgen E. Schrempp and Robert J. Eaton shall be the Co-CEOs and Co-Chairmen ... of the Management Board ... of Daimler-Chrysler AG and members of the Office of the Chairmen of DaimlerChrysler AG. If any person designated as a member of the Office of the Chairmen or the Management Board of DaimlerChrysler AG ceases to be a full-time employee of either Chrysler or Daimler-Benz at or before the Effective Time, Daimler-Benz, in the case of any such employee of Daimler-Benz on the date hereof or any such employee to be designated by Daimler-Benz, or Chrysler, in the case of any such employee of Chrysler on the date hereof or any such employee to be designated by Chrysler, shall designate another person to serve in such person’s stead. As highlighted by the District Court, the 50-50 split between Daimler-Benz and Chrysler des-ignees was meant to be understood in general, initial terms. The BCA provided for the right of Chrysler and Daimler-Benz to replace a designee to the Management Board or Office of the Chairman if that individual ceased to be a full-time employee of the company prior to the effective date of the merger, but no such provision exists for the departure of executives after the merger closed. Other than the time frames placed on the co-chairmanship, no provision of the BCA specified how long the composition of the Management Board was to last after the merger closed. Indeed, the Proxy explicitly stated that the Management Board members chosen by Daimler-Benz and Chrysler pursuant to the BCA were “initial” designees. Further, as noted by the District Court, the BCA provides that the post-merger governance structure is based on “recommendations” and is subject to the powers of the DaimlerChrysler shareholders and the Supervisory and Management Boards. As made clear in the Proxy, the BCA “contains no provision that would bar governance changes after the [merger has] been consummated.” Therefore, the District Court found that the post-merger changes to the Management Board composition, resulting in more Daimler-Benz designees sitting on the Board than Chrysler desig-nees, were permitted under the BCA. The District Court explicitly found that “[t]he Merger closed consistent with the provisions in the BCA.” Tracinda Corp. v. DaimlerChrysler AG, 364 F.Supp.2d 362, 380 (D.Del.2005). Consequently, the District Court concluded that Tracinda had not proved, by a preponderance of the evidence, a misrepresentation based on use of the term “merger of equals,” as defined by the BCA’s corporate governance provisions. The District Court explained its decision as follows: Although the BCA and the Proxy/Prospectus set forth proposals concerning the numbers of individuals on the Management Board and the Supervisory Board from each side of the transaction, those documents do not require the proposed compositions to last for any specific period of time, reiterate that the proposed compositions are initial compositions, state that the proposed compositions are recommendations subject to the rights and approval of the shareholders and the Supervisory Board, and make clear that changes to the corporate governance structure are not barred after consummation of the transaction. Id. at 409. This finding was firmly grounded in the evidence presented at trial and was not clearly erroneous. In affirming this conclusion of the District Court, we reject the primary argument pressed by Tracinda in its briefs and during oral argument. Tracinda vehemently insists that the District Court’s conclusion that the BCA corporate governance provisions “apply only until the moment in time when DaimlerChrysler was created .... renders the entire proxy solicitation process ... meaningless, except as a means to deceive” and “also renders the corporate governance provisions of the BCA illusory.” In effect, Tracinda argues that due to the fact that the composition of the Management Board was gradually altered in favor of former Daimler-Benz executives in the years following the merger, we should set aside the District Court’s finding that the BCA’s corporate governance provisions were complied with. We reject this argument because, as noted above, the BCA permitted these changes, and the Proxy expressed this point in clear terms. Moreover, as noted by the District Court, Tracinda’s insistence upon a Management Board perpetually divided between 5 Daimler-Benz designees and 5 Chrysler designees is potentially unworkable and legally flawed. Upon closing, Daimler-Benz and Chrysler merged into one new company, at which point there were no longer two independent companies to make future board membership designations. In addition, a rigid quota system based on nationality or former corporate affiliation might have prevented the Supervisory Board from making personnel decisions in the best interests of the shareholders, thus interfering with its fiduciary duty. We also reject Tracinda’s argument to the extent it suggests that the District Court erred by drawing on the BCA’s corporate governance provisions in defining “merger of equals.” Tracinda does not identify any alternate source that might have better assisted the District Court in defining the term “merger of equals,” other than perhaps Tracinda’s own notion of fairness. Even if Tracinda had identified a suitable alternate source, that would not necessarily render the District Court’s chosen definition clearly erroneous. The court’s definition is based on the evidence before it. Indeed, even if we were to define “merger of equals” in general terms of shared or joint control, without reference to specific BCA provisions, we would still reject Tra-cinda’s appeal in light of the District Court’s findings of a degree of shared control by the managers from Daimler and Chrysler: “The Management Board did not take formal votes, but acted by consensus;” “[fjormer Chrysler executives who served on DaimlerChrysler’s Board of Management had the opportunity to provide input into all the operations of Daim-lerChrysler, including the former Daimler-Benz divisions;” and “their views and opinions were taken seriously.” Tracinda Corp., 364 F.Supp.2d at 382. Because we will affirm the District Court’s factual finding that no written misrepresentation occurred in the Proxy solicitation, we need not consider the effect of Schrempp’s comments to the Financial Times and Barron’s, since intent to deceive without actual misrepresentation is insufficient to prevail on a § 14(a) claim. See Virginia Bankshares, Inc. v. Sandberg, 501 U.S. 1083, 1095-96, 111 S.Ct. 2749, 115 L.Ed.2d 929 (1991); Lewis v. Chrysler Corp., 949 F.2d 644, 651 (3d Cir.1991); see also In re NAHC, Inc. Sec. Litig., 306 F.3d 1314, 1330 (3d Cir.2002) (to be actionable under Rule 14a-9, “a statement or omission must have been misleading at the time it was made; liability cannot be imposed on the basis of subsequent events”). 2. Other Claims Next, we briefly address Tracinda’s remaining claims of misrepresentation in the Proxy regarding (1) the reasons for and negotiations behind the selection of the German AG form for DaimlerChrysler, (2) risk factors relating to the potential for post-merger corporate governance changes in favor of Daimler-Benz designees, and (3) the voting status of the two Management Board members representing Daimler-Benz’s non-automotive interests. German AG Form. At trial, Tracinda argued that the Proxy misrepresented (1) the reasons for organizing DaimlerChrys-ler as a German Aktiengesellschaft (AG), and (2) the extent of the negotiations behind this decision. With regard to the first claim, Tracin-da argued that the Proxy falsely or misleadingly stated that the AG form was chosen “because it best achieved both parties’ objectives” — which Tracinda argued related to the “post-merger governance structure of a ‘merger of equals’ ”■ — when in fact, according to Tra-cinda, the AG form was chosen to facilitate Schrempp’s secret takeover plan, or perhaps appease Daimler-Benz shareholders. The District Court rejected this argument and found no such misrepresentation. The District Court observed that the Proxy did not define the “parties’ objectives” as the “post-merger governance structure of a ‘merger of equals.’ ” Rather, the District Court found that the Proxy clearly linked the “parties’ objectives”