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 & Securities Information
Defendant: Power-One Inc.
Industry: Electronic Instruments & Controls
Headquarters: United States
Ticker Symbol: PWER
Company Market: NASDAQ
Market Status: Public (Listed)
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