Providing False or Misleading Information

SCANA Misleading Info on Nuclear Project Securities Class Action

On January 19, 2016, SCANA Corporation celebrated progress on the construction of its multi-billion-dollar V. C. Summer nuclear power station in Fairfield County, South Carolina. The press release announced the “achievement” of “milestones” and said that the “nuclear construction team concluded the year on a high note.” But according to the complaint for this class  Read more

Santander Deceptive Sale of Puerto Rican Securities Class Action

At one time, Santander Securities, LLC (SSLLC) bought Puerto Rico Municipal Bonds for its own accounts. When the outlook for these Puerto Rican securities changed, however, it stopped its purchases and began to sell off its inventory, but the complaint for this class action alleges that it continued to recommend them to clients, concealing information  Read more

Starwood Waypoint Homes Merger Registration Statement Class Action

On August 9, 2017, Starwood Waypoint Homes (SFR) entered into an agreement to merge with Invitation Homes, Inc. (INVH) that would entitle the holder of each common share of SFR to receive 1.6140 shares of common stock of INVH. Unfortunately, according to the complaint for this class action, the S-4 Registration Statement omits material information  Read more

Tesco Merger Proxy Omitted Information Securities Class Action

Tesco Corporation’s plan of merger with Nabors Industries Ltd. was announced in August 2017. Under the arrangement, Tesco’s stockholders will receive 0.68 shares of Nabors stock for each share of Tesco stock that they currently own. In September, it filed a Preliminary Proxy Statement with the Securities and Exchange Commission (SEC), but according to the  Read more

Exa Corporation Merger Agreement and Solicitation Statement Class Action

On September 27, 2017, Exa Corporation entered into an agreement specifying that Exa will be acquired by Dassault Systemes Simulia Corporation, with stockholders of Exa receiving $24.25 per share. On October 12, 2017, Exa filed a Solicitation/Recommendation Statement with the Securities and Exchange Commission (SEC) about the transaction. According to the complaint, both this document  Read more

Skechers Misleading Statements and Price Drop Securities Class Action

Skechers is a prominent footwear company which experienced rapid growth in 2013 and 2014. A dispute between dockworkers and shipping companies between June 2014 and February 2015 caused customers to shift their orders earlier, and the complaint for this class action alleges that the company knew it was giving investors a false picture in its  Read more

Rockwell Collins Merger S-4 Registration Statement Omissions Class Action

Rockwell Collins has entered into a merger agreement to be acquired by United Technologies Corporation (UTC), which would compensate stockholders with $93.33 in cash plus a portion of a share of UTC’s common stock. A Form S-4 Registration Statement was filed with the Securities and Exchange Commission (SEC) on October 10, 2017, but according to  Read more

Navient Subprime Loan Handling and Securities Price Drop Class Action

According to the complaint for this class action, Navient’s statements on its recent 10-K and 10-Q filings misled investors into thinking that it exercised care in making loans and advising students on repayment plans. Thus, the complaint says, when an October 2017 lawsuit alleged that Navient (1) engaged in deceptive practices to make subprime loans,  Read more

Terraform Sale Proxy Statement Omissions Securities Class Action

The transaction at issue in this class action is the proposed sale of Terraform, a wholly-owned indirect subsidiary of SunEdison, to a party that the complaint calls “SunEdison’s preferred bidder,” Orion US Holdings. SunEdison has filed for Chapter 11 bankruptcy protection. The complaint alleges that the Proxy Statement filed in connection with the deal does  Read more

Arc Logistics Partners Sale Proxy Statement Omissions Lawsuit

The complaint for this case alleges that the Proxy Statement filed with the Securities and Exchange Commission (SEC) for the proposed sale of Arc Logistics Partners (ALP) to a number of other entities omits material information that shareholders need in order assess their interests and vote on the transaction. This lawsuit is not a class  Read more