Case Page

 

Case Status:    DISMISSED    
On or around 07/22/2016 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: January 27, 2015

According to the Complaint, on or about December 3, 2014, HEI and NextEra jointly issued a press
release announcing that they had signed a definitive agreement and plan of merger (“Merger Agreement”) pursuant to which HEI shareholders will receive a purported value of approximately $33.50 per HEI share (the “Offer Price”), consisting of: (a) 0.2413 shares of NextEra common stock for each HEI share owned (the “Fixed Exchange Ratio”) valued at approximately $25; (b) a one-time dividend payment of $0.50 per share to be paid by HEI for shareholders of record immediately prior to the closing of the Proposed Transaction (the “Dividend Payment”); and (c) shares of
an entity called ASB Hawaii, parent company of HEI asset American Savings Bank, F.S.B. (“ASB”), which is to be ‘spun-off’ to HEI shareholders pursuant to the Proposed Transaction (the “ASB Hawaii Spin-off”). In addition, NextEra is anticipated to assume certain tax liabilities associated with the ASB Hawaii Spinoff, purportedly worth $1.60 per HEI share to HEI shareholders (the “Tax Assumption”). The Proposed Transaction, assuming $1.7 billion of HEI debt and excluding ASB, is valued at approximately $4.3 billion.

The Complaint alleges that the Proposed Transaction is the product of a flawed process designed to tilt the sale of the Company in favor of NextEra at the expense of other bidders and without the benefit of a proper auction process designed to drive up the sales price. The Complaint further alleges that HEI filed and delivered a Proxy Statement, contained in the S-4, which the Individual Defendants knew, or recklessly disregarded, that contained numerous material omissions and misstatements.

This case was voluntarily dismissed on July 22, 2016.

COMPANY INFORMATION:

Sector: Utilities
Industry: Electric Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HE
Company Market: New York SE
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.
COURT: D. Hawaii
DOCKET #: 15-CV-00029
JUDGE: Hon. J. Michael Seabright
DATE FILED: 01/27/2015
CLASS PERIOD START: 12/03/2014
CLASS PERIOD END: 01/27/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Foster Law Offices LLLC
    PO Box 127, Foster Law Offices LLLC, HI 96704
    808.348.7800 808.348.7800 ·
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  3. Scott & Scott LLP (New York-Current)
    500 Fifth Avenue, 40th Floor, Scott & Scott LLP (New York-Current), NY 10110
    212.223.6444 212.223.6334 ·
  4. Wood Law Firm, LLC
    2900 1st Avenue South, Suite A, Wood Law Firm, LLC, AL 35233
    205.612.0243 ·
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available