On or around 01/18/2012 (Court's order of dismissal)
Filing Date: December 02, 2011
According to a complaint filed on December 2, 2011, the Company violated federal securities laws in connection with a proposed merger.
On November 7, 2011, the Company announced a merger agreement with the Buyout Group where by the Company’s shareholders would receive $11.00 per share. The plaintiffs claim that the proposed consideration undervalues the Company. Additionally, the complaint states that the individual defendants conduct constituted self dealing in securing positions for themselves in the post-merger company along with certain investments in the post-merger company. The plaintiffs also charge that the Company engaged in flawed process in deciding upon the merger agreement and that the Company instituted deal protection devices including a $15 million break up fee if the Company pursued a competing offer.
Lastly, in the proxy filed with the SEC soliciting votes for the proposed merger the Plaintiffs allege that the proxy omitted materially false and misleading information concerning the process involved in the merger agreement and financial forecasts of the Company’s future earnings. Moreover, the plaintiffs allege that the proxy omitted material aspects of the Company’s financial analyst’s fairness opinion.
Company & Securities Information
Industry: Communications Equipment
Headquarters: United States
Ticker Symbol: TKLC2
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.