On or around 01/17/2018 (Other)
Filing Date: August 08, 2017
According to the Complaint, on July 7, 2017, the Board caused the Company to enter into an agreement and plan of merger (“Merger Agreement”), 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 “Merger Consideration”).
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 (the “Proxy”) with the Securities and Exchange Commission (“SEC”), 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.
Company & Securities Information
Defendant: Sparton Corporation
Industry: Electronic Instruments & Controls
Headquarters: United States
Ticker Symbol: SPA
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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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
David Schwartz, et al. v. Sparton Corporation, et al.