Case Page

 

Case Status:    DISMISSED    
On or around 08/08/2017 (Other)

Filing Date: April 10, 2015

According to the law firm press release, Life Time is a chain of fitness centers operating in the United States and Canada based out of Chanhassen, Minnesota. On March 16, 2015, the Company announced its proposed acquisition (the “Proposed Acquisition”) by a consortium of investors for $72.10 per share of Life Time common stock.

The complaint alleges that, on April 3, 2015, Defendants filed with the U.S. Securities and Exchange Commission a Proxy Statement recommending the Proposed Acquisition to Company investors which contained material omissions. Among other things, the Proxy Statement failed to sufficiently disclose the interest of the Company’s CEO in the Proposed Acquisition and the fair market value of the Company’s real estate holdings, which make up the bulk of Life Time’s assets. As such, the Proxy Statement omits material information necessary to make the Proxy not misleading to investors attempting to evaluate the financial merits of the Proposed Acquisition.
The class action seeks to enjoin Defendants from proceeding with the Proposed Acquisition until they have complied with the federal securities laws. In the event that the Proposed Acquisition is consummated, the class action seeks to recover damages on behalf of Life Time’s investors.

Plaintiffs filed an amended complaint on August 31, 2015.

On September 30, 2016, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss.

COMPANY INFORMATION:

Sector: Services
Industry: Recreational Activities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LTM
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: D. Minnesota
DOCKET #: 15-CV-01911
JUDGE: Hon. John R. Tunheim
DATE FILED: 04/10/2015
CLASS PERIOD START: 03/16/2015
CLASS PERIOD END: 04/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Nichols Kaster, PLLP
    4600 IDS Center 80 South Eighth Street, Nichols Kaster, PLLP, MN 55402
    612.256.3200 612.338.4878 ·
  3. Ryan & Maniskas, LLP
    995 Old Eagle School Rd., Ste. 311, Ryan & Maniskas, LLP, PA 19087
    (484) 588-5516 (484) 450-2582 ·
  4. The Weiser Law Firm, P.C.
    121 N. Wayne, Ave, Suite 100, The Weiser Law Firm, P.C.
    610.667.7706 · rw@weiserlawfirm.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 15-CV-01911
JUDGE: Hon. John R. Tunheim
DATE FILED: 08/31/2015
CLASS PERIOD START: 03/16/2015
CLASS PERIOD END: 04/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Nichols Kaster, PLLP
    4600 IDS Center 80 South Eighth Street, Nichols Kaster, PLLP, MN 55402
    612.256.3200 612.338.4878 ·
  3. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
  4. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date