On or around 12/07/2015 (Court's order of dismissal)
Filing Date: November 02, 2015
According to the Complaint, this action arises from breaches of fiduciary duties in connection with an Agreement and Plan of Merger (the "Merger Agreement") entered into on September 4, 2015, between TECO Energy and Emera in a transaction valued at approximately $10.4 billion (the "Proposed Merger").
The Complaint alleges the Individual Defendants have breached their fiduciary duties by agreeing to the Proposed Merger which will result in grossly inadequate compensation for TECO Energy's public shareholders. As such, Plaintiff and the other public shareholders of TECO Energy common stock are entitled to enjoin the Proposed Merger or, alternatively, to recover damages in the event that the Proposed Merger is consummated.
This case was voluntarily dismissed on December 7, 2015.
Company & Securities Information
Defendant: TECO Energy, Inc.
Industry: Electric Utilities
Headquarters: United States
Ticker Symbol: TE
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.
First Identified Complaint
Leonard Kanarick, et al. v. TECO Energy, Inc., et al.