Surgical Care Affiliates, Inc. Securities Litigation
On or around 01/23/2018 (Other)
Filing Date: February 28, 2017
According to the Complaint, On January 7, 2017, Surgical Care’s Board of Directors (the “Board” or “Individual Defendants”) caused the Company to enter into an agreement and plan of reorganization (the “Merger Agreement”) with UnitedHealth Group Incorporated, Spartan Merger Sub 1, Inc., and Spartan Merger Sub 2, LLC. Pursuant to the terms of the Merger Agreement, shareholders of Surgical Care will receive $11.40 per share in cash and shares of UnitedHealth common stock.
On February 21, 2017, defendants filed a Solicitation/Recommendation Statement and a Form S-4 Registration Statement (together, the “Solicitation Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The Complaint alleges the Solicitation Statement, which recommends that Surgical Care’s stockholders tender their shares in the Offer, omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.
This case was voluntarily dismissed on January 22, 2018.
Company & Securities Information
Defendant: Surgical Care Affiliates, Inc.
Industry: Healthcare Facilities
Headquarters: United States
Ticker Symbol: SCAI
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
Chaile Steinberg, et al. v. Surgical Care Affiliates, Inc., et al.