Case Page

 

Case Status:    DISMISSED    
On or around 01/14/2016 (Other)

Filing Date: April 08, 2015

According to the law firm press release, on February 25, 2015 Emulex, Avago and Merger Sub entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, Avago commenced its Tender Offer on April 7, 2015. The Tender Offer is scheduled to expire at 12:00 midnight EST on May 5, 2015. Following the completion of the Tender Offer, and subject to the terms and conditions of the Merger Agreement, Merger Sub will be merged with and into Emulex, with Emulex surviving as a wholly owned subsidiary of Avago (the “Merger”).

Concurrent to the execution of the Merger Agreement, certain Emulex directors and executive officers entered into a Tender and Support Agreement (“Support Agreement”) with Avago and Merger Sub, pursuant to which they have agreed to tender their Emulex shares, representing 2.5% of Emulex outstanding public stock, in the Tender Offer.

The complaint alleges that the Schedule 14D-9 Solicitation/Recommendation Statement, which recommended that Emulex stockholders tender their shares, omitted and/or misrepresented material information in contravention of Sections 14(d), 14(e) and 20(a) of the Exchange Act. The omitted information is material to the impending decision of Emulex shareholders on whether or not to tender their shares and/or whether to seek appraisal for their shares. The complaint also alleges that the $8.00 per share offer price is inadequate, as Emulex has experienced significant growth in recent months and has consistently exceeded management’s revenue and earnings expectations. The offer price also fails to adequately value Emulex’s product portfolio and prospects for future growth.

On January 13, 2016, the Court dismissed Plaintiff's claims with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ELX
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: C.D. California
DOCKET #: 15-CV-00554
JUDGE: Hon. Cormac J. Carney
DATE FILED: 04/08/2015
CLASS PERIOD START: 02/25/2015
CLASS PERIOD END: 04/08/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (Los Angeles)
    10866 Wilshire Boulevard Suite 1470, Faruqi & Faruqi LLP (Los Angeles), CA 90067
    (424) 256-2884 (424) 256-2885 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 15-CV-00554
JUDGE: Hon. Cormac J. Carney
DATE FILED: 09/17/2015
CLASS PERIOD START: 02/25/2015
CLASS PERIOD END: 04/08/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (Los Angeles)
    10866 Wilshire Boulevard Suite 1470, Faruqi & Faruqi LLP (Los Angeles), CA 90067
    (424) 256-2884 (424) 256-2885 ·
No Document Title Filing Date