 | ||
|
| Home Annual/Quarterly Updates About Us
|
Hexion Specialty Chemicals, Inc. : Huntsman Corporation common stock Summary: According to a law firm press release, a class action was filed against the company seeking to pursue remedies under the Securities Exchange Act of 1934 against defendants Hexion Specialty Chemicals, Inc., and certain individuals. The complaint alleges that on July 12, 2007, Hexion announced an agreement to acquire all Huntsman common stock in a merger transaction for $28/share. The transaction was to close during the second quarter 2008 pending receipt of regulatory approvals and satisfaction of other closing conditions. Huntsman shareholders approved the transaction on October 16, 2007. On May 14, 2008, Hexion disclosed that it agreed to allow additional time to obtain the regulatory approvals. Unbeknownst to the public, defendants had determined to abort the merger and took steps to abrogate the Merger Agreement. Defendants retained the services of Duff & Phelps to render an opinion that the combined entity lacked financial viability. On June 18, 2008, Duff sent a letter to the Board of Directors of Hexion opining that the combined company's assets would not exceed its liabilities, that it would not have the ability to pay its total debts and liabilities as they become due and that it would have an unreasonably small amount of capital. On that same date, defendants filed a complaint in the Delaware Court of Chancery, seeking abrogation of the Merger Agreement. The reaction in the marketplace was devastating to the price of Huntsman's common stock. On June 19, 2008, the first day of trading after the June 18, 2008 actions by Hexion, the market price of Huntsman common stock fell approximately $8, or 40%, from $20.86 to close at $12.84, on enormous volume of approximately 43 million shares.
On February 17, 2009, Judge Richard M. Berman consolidated the related cases, appointed the Hexion Movants as lead plaintiffs and approved their selection of the Law Offices of Bernard M. Gross, P.C., as lead counsel.
INDUSTRY CLASSIFICATION:
SIC Code: 2800
Sector: Basic Materials
Industry: Fabricated Plastic & Rubber
| COMPANY/ISSUER NAME: | Huntsman Corporation |
| COMPANY/ISSUER TICKER: | HUN |
| COMPANY WEBSITE: | http://www.huntsman.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Sandra Lifschitz, et al v. Hexion Specialty Chemicals, Inc., et al | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 07/17/2008 | ||
| Motion Of Hexion Movants For Appointment As Lead Plaintiffs And For Approval Of Lead Plaintiffs’ Selection Of Lead Counsel And Liaison Counsel | |||
| Type: Motion | Date on the document: 09/15/2008 | ||
| Steve Stilliard's Notice Of Motion And Motion For Appointment As Lead Plaintiff And Approval Of Selection Of Counsel | |||
| Type: Notice | Date on the document: 09/15/2008 | ||
| Order | |||
| Type: Order Appointing LP/LC | Date on the document: 02/17/2009 | ||
| Mandate | |||
| Type: Other | Date on the document: 06/10/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 09/17/2009 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top