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Case Status:    DISMISSED    
On or around 10/24/2014 (Notice of voluntarily dismissal)

Filing Date: May 23, 2014

According to the law firm press release, the complaint arises out of a March 6, 2014 press release issued by Safeway announcing that the individual defendants had agreed to sell the Company to Albertson's for $32.50 per Safeway share plus special dividends and/or CVRs related to the planned disposition of certain of the Company's "non-core assets," estimated to be worth $3.65 per share (the "Proposed Transaction"). In addition, Safeway intends to distribute the 37.8 million shares it owns in Blackhawk Network Holdings, Inc. to shareholders in mid-April 2014. The Blackhawk distribution has a current value of $3.95 per Company share. All together, the Proposed Transaction will result in a consideration for Safeway shareholders worth approximately $40 per share.

Several equity analysts had price targets for Safeway well above the proposed consideration of $40 per share prior to the announcement of the Proposed Transaction, and numerous others have been sharply critical of the deal since it was announced.

The complaint further alleges that, in an effort to secure shareholder approval for the Proposed Transaction, the individual defendants filed a materially false and misleading Proxy Statement with the Securities and Exchange Commission, thereby violating their duties of candor and full disclosure.

In July 8, 2014, the Court issued an Order staying this case pending the resolution of a proceeding before the Delaware Court of Chancery.

This case was voluntarily dismissed by plaintiff on October 24, 2014.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Grocery)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SWY
Company Market: New York SE
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: N.D. California
DOCKET #: 14-CV-02412
JUDGE: Hon. Jeffrey S. White
DATE FILED: 05/23/2014
CLASS PERIOD START: 03/06/2014
CLASS PERIOD END: 05/23/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Wolf Haldenstein Adler Freeman & Herz LLP (San Diego)
    Symphony Towers; 750 B Street, Suite 2770, Wolf Haldenstein Adler Freeman & Herz LLP (San Diego), CA 92101
    619.239.4599 19.239.4599 ·
No Document Title Filing Date