According to the Complaint, Key Technology is the trusted partner to over 3,100 customers in 81 countries, providing process automation systems for the food processing and other non-food processing industries. The Company develops and manufactures automated digital sorting systems and integrates them with its advanced material handling technologies to provide complete solutions for processors of food and other processed products.
On January 25, 2018, Key Technology’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 Duravant LLC. On February 8, 2018, 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.
This case was voluntarily dismissed on March 20, 2018.