According to the Complaint, On April 23, 2017, FelCor’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 FelCor Lodging Limited Partnership, RLJ Lodging Trust, RLJ Lodging Trust, L.P., Rangers Sub I, LLC, and Rangers Sub II, LP. Pursuant to the terms of the Merger Agreement, each outstanding share of common stock of FelCor will be converted into the right to receive 0.362 common shares of beneficial interest of RLJ, and each share of $1.95 Series A cumulative convertible preferred stock of FelCor will be converted into the right to receive one share of newly created Series A cumulative convertible preferred shares of RLJ.
On June 2, 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.
On August 10, 2017, the Court issued an Order Consolidating Cases. The Consolidated Cases shall be identified as: “In Re FelCor Lodging Securities Litigation.”
This case was voluntarily dismissed on November 2, 2017.