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Case Status:    DISMISSED    
On or around 01/26/2017 (Notice of voluntarily dismissal)

Filing Date: January 13, 2017

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, Inc. (“Merger Sub,” collectively with Samsung Electronics Co. Ltd. and Samsung Electronics America, Inc., “Samsung”) 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.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Audio & Video Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HAR
Company Market: New York SE
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: D. Delaware
DOCKET #: 17-CV-00046
JUDGE:
DATE FILED: 01/13/2017
CLASS PERIOD START: 11/14/2016
CLASS PERIOD END: 01/13/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brodsky & Smith, LLC
    Two Bala Plaza, Suite 602, Brodsky & Smith, LLC, PA 19004
    610.667.6200 610.667.6200 ·
  2. Rigrodsky & Long, P.A.
    919 N. Market Street, Suite 980, Rigrodsky & Long, P.A., DE 19803
    302.295.5310 302.295.5310 · info@rigrodskylong.com
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