Case Page

 

Case Status:    SETTLED
On or around 09/09/2011 (Date of order of final judgment)

Filing Date: August 25, 2010

On August 6, 2010, the Defendants entered into a definitive Agreement and Plan of Merger to commence a cash tender offer to acquire all of the outstanding shares of common stock of Superior at $22.12 per share. The Offer was commenced on or about August 11, 2010. In connection with the proposed transaction the Individual Defendants filed a materially false and misleading Schedule 14D-9, recommending that the public shareholders tender their shares in the offer, in breach of the Individual Defendants’ fiduciary duties to the Company’s shareholders both with respect to price and process, and will benefit certain Superior insiders to the detriment of Plaintiff and the Class.

On November 12, 2010, a Stipulation of Dismissal was filed and on November 15, 2010, the Court entered the Order signed by Judge David S. Cercone dismissing the action without prejudice. The case is now closed.

The action is still pending in the related class action, Denney v. Wallace, case number 10-CV-01154. On June 7, 2011, a motion for settlement and Stipulation and Agreement of Settlement were filed. On June 22, 2011, the settlement was preliminarily approved. The final settlement hearing was set for September 8, 2011.

On September 9, 2011, Judge Cathy Bissoon granted the Joint Motion for final approval of class settlement. Final judgment was entered and the action was dismissed with prejudice.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SWSI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Pennsylvania
DOCKET #: 10-CV-01121
JUDGE: Hon. David S. Cercone
DATE FILED: 08/25/2010
CLASS PERIOD START: 08/11/2010
CLASS PERIOD END: 08/25/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Jones, Gregg, Creehan & Gerace, LLP
    411 Seventh Avenue, Suite 1200, Jones, Gregg, Creehan & Gerace, LLP, PA 15219
    (412) 261-6400 ·
  2. Richard A. Finberg
    300 Mt. Lebanon Blvd., Ste. 206-B, Richard A. Finberg, PA 15234
    412.341.1342 ·
  3. Weiss & Lurie (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Lurie (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: W.D. Pennsylvania
DOCKET #: 10-CV-01154
JUDGE: Hon. David S. Cercone
DATE FILED: 08/31/2010
CLASS PERIOD START: 08/09/2010
CLASS PERIOD END: 08/31/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pribanic & Pribanic
    513 Court Place, Pribanic & Pribanic, PA 15219
    412.281.8844 412.281.8844 ·
No Document Title Filing Date