Span-America Medical Systems, Inc. Securities Litigation
On or around 09/07/2017 (Stipulation and order of dismissal (voluntary dismissal))
Filing Date: May 25, 2017
According to the Complaint, on May 1, 2017, the Company announced that it had entered into an agreement and plan of merger (the “Merger Agreement”), by which Savaria would commence a tender offer (the “Tender Offer”) to acquire all of the outstanding shares of Span-America at a purchase price of $29.00 per share in cash (the “Proposed Transaction”). The Tender Offer is set to expire on June 15, 2017.
In connection with the commencement of the Tender Offer, on May 17, 2017, the Company filed a Recommendation Statement on Schedule 14D-9 (the “Recommendation Statement”) with the SEC. The Complaint alleges the Recommendation Statement is materially deficient and misleading because it fails to disclose material information about the financial projections prepared by the Company and relied upon by the Company’s financial advisor, and potential conflicts of interest regarding Span-America’s managers and directors.
Company & Securities Information
Defendant: Span-America Medical Systems, Inc.
Industry: Medical Equipment & Supplies
Headquarters: United States
Ticker Symbol: SPAN
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
Charles Porter, et al. v. Span-America Medical Systems, Inc., et al.