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Case Status:    DISMISSED    
On or around 03/12/2018 (Notice of voluntarily dismissal)

Filing Date: February 05, 2018

According to the Complaint, Stanley is a furniture company that specializes in the design, marketing and overseas sourcing resource of the wood residential market.

On November 20, 2017, the Board caused the Company to enter into an Asset Purchase Agreement (the "Initial Agreement") with Churchill Downs LLC, pursuant to which, Stanley will sell substantially all of the Company's assets in exchange for $11.5 million in cash, a $4.6 million promissory note, the assumption of substantially all of Stanley's liabilities, and a 5% equity interest in Churchill's holding company. On January 22, 2018, the Board caused the Company to enter into a First Amendment to the Asset Purchase Agreement (the "Amended Agreement") with Churchill, pursuant to which, Stanley will sell substantially all of the Company's assets in exchange for at least $7 million in cash, a promissory note in a principal amount equal to the difference between $18,369,000 and the amount of the cash (the "Promissory Note"), the assumption of substantially all of Stanley's liabilities, and a 5% equity interest in Churchill's holding company (the "Purchase Price").

The Complaint alleges that on January 30, 2018, the Board authorized the filing of a materially incomplete and misleading 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.

This case was voluntarily dismissed as moot on March 12, 2018.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Furniture & Fixtures
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: STLY
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: M.D. North Carolina
DOCKET #: 18-CV-00076
JUDGE: Hon. N. C. Tilley, Jr.
DATE FILED: 02/05/2018
CLASS PERIOD START: 11/20/2017
CLASS PERIOD END: 02/05/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Monteverde & Associates PC
    350 Fifth Avenue, 59th Floor, Monteverde & Associates PC, NY 10118
    (212) 971-1341 ·
  2. Ward Black Law
    208 W. Wendover Avenue, Ward Black Law, NC 27401
    336.333.2244 336.379.9415 ·
No Document Title Filing Date
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—Related District Court Filings Data is not available