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Case Status:    ONGOING    
On or around 11/09/2017 (Ongoing date of last review)

Filing Date: November 09, 2017

According to the Complaint, this action is brought as a class action by Plaintiff on behalf of himself and the other public holders of the common stock of Silver Spring Networks, Inc. (“Silver Spring” or the “Company”) against the Company and the members of the Company’s board of directors (collectively, the “Board” or “Individual Defendants,” and, together with Silver Spring, the “Defendants”) for their violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §§ 78n(a), 78t(a), SEC Rule 14a-9, 17 C.F.R. 240.14a-9, and Regulation G, 17 C.F.R. § 244.100 in connection with the proposed merger (the “Proposed
Merger”) between Silver Spring and Itron, Inc. (“Itron”).

Silver Spring creates, builds, and deploys large-scale networks and solutions enabling the Internet of Things (“IoT”) for critical infrastructure such as energy via a smart grid network platform, gas, water, and street lights.

Silver Spring is incorporated in Delaware and maintains its principal executive offices in San Jose, California. The Company’s common stock trades on the NYSE under the ticker symbol “SSNI.”

On September 17, 2017, the Board caused the Company to enter into an agreement and plan of merger (“Merger Agreement”), pursuant to which the Company’s shareholders stand to receive $16.25 in cash for each share of Silver Spring stock they own (the “Merger Consideration”), representing $956.6 million in equity value.

The Complaint alleges that on November 2, 2017, in order to convince Silver Spring shareholders to vote in favor of the Proposed Merger, the Board authorized the filing of a materially incomplete and misleading Preliminary Proxy Statement on a Schedule 14A (the “Proxy”) with the Securities and Exchange Commission (“SEC”), in violation of Sections 14(a) and 20(a) of the Exchange Act.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Networks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SSNI
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: N.D. California
DOCKET #: 17-CV-06532
JUDGE: Hon. Edward J. Davila
DATE FILED: 11/09/2017
CLASS PERIOD START: 09/18/2017
CLASS PERIOD END: 11/09/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (Los Angeles)
    10866 Wilshire Boulevard Suite 1470, Faruqi & Faruqi LLP (Los Angeles), CA 90067
    (424) 256-2884 (424) 256-2885 ·
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