According to the Complaint, on December 18, 2013, Nicholas Financial announced that its Board of Directors ("Board") entered into an Arrangement Agreement (hereinafter also referred to as "merger agreement") with Prospect Capital Corporation and its affiliates. Defendants seek approval from Nicholas Financial's shareholders for the merger. To that end, on January 14,2014, Defendants filed a Registration Statement on Form N-14 8(c) ('Registration Statement") with the U.S. Securities and Exchange Commission ('SEC"). The purpose of the Registration Statement is to encourage Nicholas Financial's shareholders to accept the merger.
The Complaint alleges that the Registration Statement does not allow Nicholas Financial's shareholders to determine whether the merger would be in their interest or is skewed towards Defendants. Plaintiff seeks to enjoin the Nicholas Financial shareholder vote unless and until the material misstatements and omissions in the Registration Statement are corrected.
On July 14, 2014, the plaintiffs filed notice voluntarily dismissing this case.