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FairPoint Communications, Inc.

Case Summary

FairPoint Communications, Inc. Securities Litigation

Case Summary

Case Status:    DISMISSED    
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.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

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.

COURT: W.D. North Carolina
DOCKET #: 17-CV-00051
JUDGE: Hon. Max O. Cogburn, Jr
DATE FILED: 02/07/2017
CLASS PERIOD START: 12/05/2016
CLASS PERIOD END: 02/07/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Profy Promisloff & Ciarlanto, P.C.
    100 N. 22nd Street, Unit 105 , Profy Promisloff & Ciarlanto, P.C. , PA 19087
    215-259-5156 215-600-2642 ·
  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
  3. The Law Offices of Jason E. Taylor
    301 S. McDowell Street , The Law Offices of Jason E. Taylor , NC 28204
    800-351-3008 704-676-1094 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violation of the Securities Exchange Act of 1934 02/07/2017
2 U.S. District Court Civil Docket 03/17/2017
3 Plaintiff's Notice of Voluntary Dismissal 03/17/2017
 
 

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