On or around 03/22/2019 (Ongoing date of last review)
Filing Date: October 24, 2016
According to the law firm press release, the Acquisition was undertaken on behalf of Defendants to extinguish valuable claims asserted against them (and others) in a previously filed derivative action, as well as to directly acquire for themselves the assets and operations of Linkwell at a grossly inadequate price. Defendants did not provide Plaintiff and other similarly situated public shareholders of Linkwell with any notice with respect to the Acquisition. As a result of the failure to provide the requisite statutory notice, Plaintiff and other similarly situated public shareholders were unlawfully and unfairly deprived of the opportunity to: evaluate whether the $0.88 per share merger consideration was fair; vote to approve the Merger Agreement; exercise appraisal rights; or move to enjoin the Acquisition.
The Court issued an Order appointing Lead Plaintiff and Counsel on March 3, 2017. An amended Complaint was filed on October 19. Defendants filed a Motion to Dismiss the amended Complaint on December 18. On April 2, 2018, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. On April 3, the Court issued an Order referring the Parties to mediation. On February 8, 2019, the parties filed a joint Notice of Partial Settlement. On March 22, the parties filed a Notice of Global Settlement indicating that the parties expect to file a Motion for Preliminary Approval of the Settlement Agreement no later than May 3, 2019.
Company & Securities Information
Defendant: Linkwell Corporation
Sector: Consumer Non-Cyclical
Industry: Personal & Household Products
Ticker Symbol: LWLL
Company Market: OTC-BB
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
Frederick Siegmund, et al. v. Xuelian Bian, et al.