On or around 10/25/2016 (Date of order of final judgment)
Filing Date: November 30, 2015
According to the Complaint, the Proxy recommends that Hutchinson shareholders vote in favor of a proposed transaction (the “Proposed Transaction”) whereby Hutchinson will merge with Hydra Merger Sub, Inc. (“Merger Sub”) and become a wholly owned subsidiary of Headway Technologies, Inc. (“Headway”). Pursuant to the terms of the definitive agreement and plan of merger these entities entered into (the “Merger Agreement”), Hutchinson shareholders stand to receive $3.62 in cash per share and up to an additional $0.38 in cash under certain circumstances (the “Merger Consideration”).
The Complaint alleges the Merger Consideration and the process by which Defendants propose to consummate the Proposed Transaction are fundamentally unfair to Plaintiff and the other common shareholders of Hutchinson.
On April 20, 2016, this action was consolidated under 15-cv-4356.
On October 25, 2016, this case was dismissed with prejudice.
Company & Securities Information
Defendant: Hutchinson Technology Incorporated
Industry: Computer Hardware
Headquarters: United States
Ticker Symbol: HTCH
Company Market: NASDAQ
Market Status: Public (Listed)
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First Identified Complaint
David Erickson, et al. v. Hutchinson Technology Incorporated, et al.