Harman International Industries, Inc. ("Harman"), is an American audio electronics company.

According to the Complaint, this action arises out of a stock and cash transaction by which South Korea-based Samsung Electronics Co. Ltd., through its subsidiaries Samsung Electronics America, Inc. and Silk Delaware, will acquire each issued and outstanding share of Harman for $112.00 per share in cash (the “Proposed Transaction” or “Merger”). Both companies’ boards of directors have approved the deal.

The Complaint alleges there is strong evidence to indicate that the Proposed Transaction was, in large part, subject to a flawed and tainted process in which the Board negotiated only with Samsung and deliberately chose not to conduct any sort of market check before entering into the merger agreement or attempt to contact a single other potentially interested party during these negotiations. Additionally, the Board quickly relinquished any negotiating leverage it had with Samsung by agreeing to enter into a restrictive exclusivity period.

On January 26, 2017, this case was voluntarily dismissed. A related case continues, filed under Docket 17-CV-00246 in the District of Connecticut.

On May 11, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 12. On October 6, Defendants filed a Motion to Dismiss the amended Complaint. On October 3, 2019, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On April 27, 2022, the parties notified the Court that they had reached an agreement in principle to settle the case. The parties entered into a Stipulation of Settlement on June 23. On July 13, the Court granted preliminary approval of the Settlement. On November 10, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.