First Niagara Financial Group, Inc. Securities Litigation
On or around 03/31/2016 (Court's order of dismissal)
Filing Date: December 30, 2015
According to the Complaint, it is alleged that the Proxy contains incomplete and materially misleading information regarding the process leading to the consummation of the Merger Agreement, including: (i) the process leading to the Proposed Transaction, (ii) the financial analyses conducted by J.P. Morgan Securities LLC (“J.P. Morgan”), financial advisor to First Niagara, and (iii) the projections used by J.P. Morgan in those analyses. Perhaps most notably, the Proxy fails to disclose the any information whatsoever regarding the identity of or analyses performed by a private consultant hired by the Board to assess the Company’s standalone value and upon whom the Board specifically relied in deciding to sell the Company.
This case was ordered dismissed pursuant to a Stipulation between the parties on March 21, 2016.
Company & Securities Information
Defendant: First Niagara Financial Group, Inc.
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: FNFG
Company Market: NASDAQ
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
Wallace J. Desmarais, Jr., et al. v. First Niagara Financial Group, Inc., et al.