Case Page

 

Case Status:    DISMISSED    
On or around 06/20/2014 (Other)

Filing Date: June 26, 2013

According to the Complaint, Power-One is a manufacturer and provider of power supply products for a variety of industries, with a focus on renewable energy systems and energy-efficient power conversion.

On April 22, 2013, Power-One and ABB jointly announced that the Board had agreed to a transaction in which ABB,
through its wholly owned subsidiary Verdi Acquisition, will acquire Power-One for $6.35 per share in cash or $1.028 million equity value.

On May 23, 2013, the Company issued and disseminated a preliminary proxy statement, and on June 20, 2013, the Company issued the Proxy to shareholders, soliciting shareholder votes in favor of the Proposed Acquisition. The Complaint alleges that the Individual Defendants caused the Company to issue and disseminate a false and misleading proxy statement to shareholders hoping to obtain enough shareholder votes to approve an unfair and grossly inadequate acquisition of Power-One by ABB (the "Proposed Acquisition").

An amended complaint was filed on January 9, 2014.

On June 2, 2014, this case was dismissed with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PWER
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: C.D. California
DOCKET #: 13-CV-04631
JUDGE: Hon. George H. Wu
DATE FILED: 06/26/2013
CLASS PERIOD START: 04/22/2013
CLASS PERIOD END: 06/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 13-CV-04631
JUDGE: Hon. George H. Wu
DATE FILED: 01/09/2014
CLASS PERIOD START: 04/22/2013
CLASS PERIOD END: 06/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
No Document Title Filing Date