Case Page

 

Case Status:    ONGOING    
On or around 12/20/2016 (Ongoing date of last review)

Filing Date: December 20, 2016

According to the Complaint, on August 18, 2016, Cardinal and United jointly announced that they had entered into a definitive agreement (the “Merger Agreement”) pursuant to which United would acquire Cardinal in a stock for stock transaction. Pursuant to the Merger Agreement, United will acquire all of the outstanding shares of Cardinal for 0.71 United shares per Cardinal share (the “Proposed
Transaction”). As of the date of the announcement, the per share consideration for Cardinal shareholders had an implied value of approximately $27.69 and the aggregate consideration was worth approximately $912 million.

The Complaint alleges the Proposed Transaction is the result of a defective sales process that, among other things, improperly favored United over other bidders interested in Cardinal and was tainted by conflicts of interest.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CFNL
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.
COURT: E.D. Virginia
DOCKET #: 16-CV-01582
JUDGE: Hon. T. S. Ellis, III
DATE FILED: 12/20/2016
CLASS PERIOD START: 08/18/2016
CLASS PERIOD END: 12/20/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (New York)
    488 Madison Avenue. Eighth Floor, Brower Piven (New York), NY 10022
    212.501.9000 212.501.0300 · info@browerpiven.com
  2. Finkelstein Thompson LLP
    1077 30th St. NW, Suite 150, Finkelstein Thompson LLP 20007
    (202) 337-8000 (202) 337-8090 ·
No Document Title Filing Date