Sparton Corporation designs, develops, and produces complex maritime electronic systems including sonobuoys in support of Anti-Submarine Warfare and maritime capabilities supporting Undersea Warfare.

According to the Complaint, on July 7, 2017, the Board caused the Company to enter into an agreement and plan of merger, pursuant to which each share of Sparton common stock will be exchanged for $23.50 in cash, representing approximately $235 million in the aggregate.

The Complaint alleges that on August 4, 2017, in order to convince Sparton shareholders to vote in favor of the Proposed Merger, the Board authorized the filing of a materially incomplete and misleading Preliminary Proxy Statement on Schedule 14A with the Securities and Exchange Commission, in violation of Sections 14(a) and 20(a) of the Exchange Act.

On September 5, 2017, pursuant to a Stipulation by the Parties, the Court dismissed this case.