FairPoint Communications, Inc. Securities Litigation
On or around 03/17/2017 (Notice of voluntarily dismissal)
Filing Date: February 07, 2017
According to the Complaint, on December 3, 2016, FairPoint’s Board of Directors (the “Board” or “Individual Defendants”) caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, shareholders of FairPoint will receive 0.7300 shares of Parent common stock for each share of FairPoint common stock. Based on Parent’s closing stock price on December 2, 2016, the merger consideration was valued at approximately $20.72 per share. However, based on Parent’s closing stock price on January 20, 2017, the merger consideration is valued at only approximately $19.13 per share.
On January 26, 2017, defendants filed a Form S-4 Registration Statement (the “Registration Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The Complaint alleges the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.
Company & Securities Information
Defendant: FairPoint Communications, Inc.
Industry: Computer Services
Headquarters: United States
Ticker Symbol: FRP
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.
First Identified Complaint
Jeffrey Lentine, et al. v. FairPoint Communications, Inc., et al.