On or around 10/06/2016 (Notice of voluntarily dismissal)
Filing Date: June 20, 2016
According to the Complaint, on May 31, 2016, Electro Rent Corporation (“Electro” or the “Company”) and Platinum LLC, and its affiliates Elecor Intermediate Holding II Corporation (“Merger Sub 1”) and Elecor Merger Corporation (“Merger Sub 2”)(collectively, “Platinum”) jointly announced that they had entered into an Agreement and Plan of Merger (the “Merger Agreement”) that will culminate in Platinum, through Merger Sub 1 and Merger Sub 2, acquiring all of the outstanding shares of Electro. Under the terms of the merger agreement, Electro public stockholders will receive $13.12 in cash for every share of Electro common stock held, for an approximate aggregate value of $323.4 million (the “Proposed Acquisition”).
The Complaint alleges in the Schedule 14A Preliminary Proxy Statement filed with the Securities and Exchange Commission (“SEC”) on June 7, 2016 (the “Proxy”), defendants failed to disclose all material information necessary for Electro stockholders to make an informed decision regarding the Proposed Acquisition. Specifically, the Proxy omits and/or misrepresents material information concerning, among other things: (1) the background of the Proposed Acquisition; (2) the data and inputs underlying the financial valuation exercises that purportedly support the so-called “fairness opinions” provided by Electro’s financial advisor; and (3) Electro’s financial projections.
This case was voluntarily dismissed on October 6, 2016.
Company & Securities Information
Defendant: Electro Rent Corporation
Industry: Rental & Leasing
Headquarters: United States
Ticker Symbol: ELRC
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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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
Michael Wadsworth, et al. v. Electro Rent Corporation, et al.