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Case Status:    ONGOING    
On or around 11/21/2017 (Ongoing date of last review)

Filing Date: November 20, 2017

Planet Payment is a leading provider of international payment and transaction processing and multi-currency processing services. The Company provides its services and solutions to merchant locations in twenty-one countries and territories across the Asia Pacific region, North America, South America, the Middle East, Africa, and Europe, primarily through its acquiring bank and processor customers, as well as through its own direct sales force.

According to the Complaint, this action stems from a proposed transaction announced on October 26, 2017 (the “Proposed Transaction”), pursuant to which Planet Payment, Inc. (“Planet Payment” or the “Company”) will be acquired by Fintrax Group and its affiliates.

On October 26, 2017, Planet Payment’s Board of Directors (the “Board” or “Individual Defendants”) caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”) with Franklin UK Bidco Limited (“Parent”) and Fintrax US Acquisition Subsidiary, Inc. (“Merger Sub,” and together with Fintrax Group and Parent,
“Fintrax”). Pursuant to the terms of the Merger Agreement, Fintrax commenced a tender offer, set to expire on December 18, 2017, and shareholders of Planet Payment will receive $4.50 in cash for each share of Planet Payment common stock.

On November 13, 2017, defendants filed a Solicitation/Recommendation Statement (the “Solicitation Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction.

The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading. Accordingly, plaintiff alleges herein that defendants violated Sections 14(e), 14(d), and 20(a) of the Securities Exchange Act of 1934 (the “1934 Act”) in connection with the Solicitation Statement.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PLPM
Company Market: NASDAQ
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: E.D. New York
DOCKET #: 17-CV-06770
JUDGE: Hon. Arthur D. Spatt
DATE FILED: 11/20/2017
CLASS PERIOD START: 10/26/2017
CLASS PERIOD END: 11/20/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rigrodsky & Long, P.A.
    919 N. Market Street, Suite 980, Rigrodsky & Long, P.A., DE 19803
    302.295.5310 302.295.5310 · info@rigrodskylong.com
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