On October 8, 2016, the Company entered into an agreement and plan of merger, to be acquired by FR Bison Holdings, Inc. ("Parent") through its wholly-owned subsidiary, FR Bison Merger Sub, Inc. ("Merger Sub"). Parent and Merger Sub are affiliates of First Reserve Energy Infrastructure Fund II, L.P. (First Reserve) and were formed by First Reserve in order to acquire the Company. Subject to the terms and conditions of the merger agreement, Merger Sub will merge with and into the Company and theCompany will continue as the surviving corporation and a wholly-owned subsidiary of Parent. Shareholders will receive $13.10 in cash without interest and less any applicable withholding taxes, for each share of common stock, $0.15 par value per share, of the Company that they own immediately prior to the effective time of the merger.See Case Details »
According to a law firm press release, the complaint alleges despite NorthStar being well-positioned to generate significant earnings in the foreseeable future, the company's board has agreed to combine NorthStar with two weaker entities. Pursuant to the terms of the definitive merger agreement, NorthStar common stockholders will receive one share of their respective class of stock in the post-merger combined company, Colony NorthStar, Inc. The complaint alleges that the merger consideration is unfair to NorthStar common stockholders because they receive no premium for their shares. If the transaction is completed, NorthStar's executives will receive significant amounts in executive compensation.See Case Details »
According to the law firm press release, the complaint alleges that during the Class Period, Avid Technology made materially false and misleading statements regarding its business, operations, earnings, and financial prospects. Specifically, the complaint alleges that during the Class Period Avid knew but failed to disclose that because it had not launched all the enterprise level features for its new NEXIS solution product offerings, its enterprise customers were deferring renewals and purchases. The complaint alleges that on November 9, 2016, after the close of trading, Avid suddenly disclosed that both its 3Q16 bookings and revenues had come in considerably lower than the Company had led the investment community to expect, blaming "the transition of the storage product line" and disclosing that "some existing enterprise clients deferred normal upgrade and renewal decisions and new customers postponed investments until the release of functionality targeted to the enterprise market." The complaint alleges that on this news, the Company's stock price plummeted 28% on November 10, 2016, on unusually high trading volume.See Case Details »
According to the law firm press release, the lawsuit alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Defendants engaged in trading to artificially inflate Agria's stock price in order to meet NYSE's continuing listing standards and avoid delisting from the NYSE; (2) Agria lacked effective internal controls over financial reporting; and (3) as a result of the foregoing, Defendants' public statements about Agira's business, operations, and prospects were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.See Case Details »
According to the filed Complaint, on July 25, 2016, National Interstate and Great American jointly announced that
they had reached a definitive Agreement and Plan of Merger ("Merger Agreement") whereby Great American, a wholly-owned subsidiary of American Financial Group, Inc. ("AFGI"), will acquire the approximately 49% of National Interstate's issued and outstanding common shares that it does not presently own. The Proposed Transaction was unanimously approved and adopted by the members of the board of directors of National Interstate, except those members who are affiliated with Great American or AFGI. Upon the closing of the Proposed Transaction, National Interstate will become a wholly-owned subsidiary of AFGI. Pursuant to the Merger Agreement, National Interstate common stockholders will have their shares cancelled and automatically converted into the right to receive $32.00 in cash, plus a dividend of $0.50 per share (the "Merger Consideration"). The total value of the Proposed Transaction is $660 million.