On or around 12/01/2017 (Other)
Filing Date: August 25, 2015
On July 13, 2015, BorgWarner announced that it had entered into a definitive agreement to acquire Remy International, Inc. (Remy), a global market leading producer of rotating electrical components. The Complaint alleges that the Proposed Transaction is the result of a disorganized, unfocused process that was designed to advance BorgWarner’s interests at the expense of Remy’s stockholders.
On August 18, 2015, Defendants filed the Schedule 14A, Definitive Proxy Statement with the SEC. The information contained in the Proxy Statement will be disseminated to Remy’s stockholders to solicit their vote in favor of the Merger. The vote is to take place on September 22, 2015. The Complaint alleges that the Proxy Statement denies the Company’s stockholders material information concerning the financial and procedural fairness of the Merger, and that misrepresentations and omissions in the Proxy Statement are material to Plaintiff and the Class, who will be deprived of their right to cast an informed vote if such misrepresentations and omissions are not corrected prior to the vote on the Proposed Transaction on September 22, 2015.
The parties filed a Stipulation of Settlement on July 22, 2016. The Settlement was preliminarily approved on July 27. The Court declined to grant the Settlement final approval on August 16 due to an objector. Thus, Plaintiffs voluntarily dismissed this action on September 21.
Company & Securities Information
Defendant: Remy International, Inc.
Sector: Consumer Cyclical
Industry: Auto & Truck Parts
Headquarters: United States
Ticker Symbol: REMY
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Maxine Phillips, et al. v. Remy International, Inc., et al.