Delta Natural Gas Company, Inc. Securities Litigation
On or around 06/05/2017 (Stipulation and order of dismissal (voluntary dismissal))
Filing Date: April 28, 2017
According to the law firm press release, On February 20, 2017, Delta’s Board of Directors (the “Board” or “Individual Defendants”) caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”) with PNG Companies LLC (“Parent”) and Drake Merger Sub Inc. (“Merger Sub,” and together with Parent, Peoples Natural Gas, and SteelRiver Infrastructure Fund North America LP, “PNG”). Pursuant to the terms of the Merger Agreement, shareholders of Delta will receive $30.50 per share in cash.
On March 24, 2017, defendants filed a Preliminary Proxy Statement (the “Proxy Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The Complaint alleges the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.
This case was voluntarily dismissed on June 5, 2017.
Company & Securities Information
Defendant: Delta Natural Gas Company, Inc.
Industry: Natural Gas Utilities
Headquarters: United States
Ticker Symbol: DGAS
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
Paul Parshall, et al. v. Delta Natural Gas Company, Inc., et al.