On or around 07/12/2019 (Settlement preliminarily approval)
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. On May 21, the parties entered into a Stipulation of Settlement. The Court issued an Order preliminarily approving the Settlement on July 12.
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.
Order Granting in Part and Denying in Part Sidley Austin's Motion fo Dismiss the First Amended Complaint
Order Denying Xuelian Bian and Wei Guan's Motion to Dismiss the First Amended Complaint
Order of Referral to Mediation
Joint Notice of Partial Settlement
Order Granting Intervenors' Rule 25 Motion to Substitute
Notice of Global Settlement
Stipulation and Settlement Agreement
Plaintiffs' Unopposed Motion for Preliminary Approval of Class Settlement, Preliminary Certification of Class, Approval of Form and Manner of Class Notice, and Date for Hearing on Final Approval of Settlement and Incorporated Memorandum of Law
U.S. District Court Civil Docket
Order Granting Preliminary Approval of Class Action Settlement, Approving Form and Manner of Notice, and Setting Date for Fairness Hearing on Final Approval of Settlement
Related District Court Filings
—Related District Court Filings Data is not available