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Case Status:    DISMISSED    
On or around 04/06/2018 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: February 21, 2018

According to the Complaint, Pinnacle Entertainment, Inc. owns and operates 16 gaming entertainment businesses, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. In addition, Pinnacle holds a majority interest in the racing license owner as well as a management contract for Retama Park Racetrack outside of San Antonio, Texas.

On January 2, 2018, Pinnacle and Penn National Gaming, Inc. issued a joint press release announcing the Proposed Merger, which states in pertinent part:

"WYOMISSING, Pa. and LAS VEGAS, Dec. 18, 2017 (GLOBE NEWSWIRE) --
Penn National Gaming, Inc. (NASDAQ:PENN) (“Penn National”) and Pinnacle Entertainment, Inc. (NASDAQ:PNK) (“Pinnacle”) announced today that they have entered into a definitive agreement under which Penn National will acquire Pinnacle in a cash and stock transaction valued at approximately $2.8 billion.

Under the terms of the agreement, Pinnacle shareholders will receive $20.00 in cash and 0.42 shares of Penn National common stock for each Pinnacle share, which implies a total purchase price of $32.47 per Pinnacle share based on Penn National’s closing price on December 15, 2017. The transaction reflects a 36% premium for Pinnacle shareholders based on Pinnacle’s closing price of $21.86 and Penn National’s closing price of $22.91 on October 4, 2017. The transaction has been approved by the boards of directors of both companies and is expected to close in the second half of 2018."

The Complaint alleges that on February 8, 2018, in order to convince Pinnacle shareholders to vote in favor of the Proposed Merger, the Board authorized the filing of a materially incomplete and misleading Form S-4 Registration Statement (the “S-4”) 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 April 4, 2018.

COMPANY INFORMATION:

Sector: Services
Industry: Hotels & Motels
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PNK
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: D. Nevada
DOCKET #: 18-CV-00314
JUDGE: Hon. Richard F. Boulware, II
DATE FILED: 02/21/2018
CLASS PERIOD START: 01/02/2018
CLASS PERIOD END: 02/21/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. Muckleroy Lunt, LLC
    6077 South Fort Apache Road, Suite 140, Muckleroy Lunt, LLC, NE 89148
    (702) 907-0097 (702) 938-4065 ·
No Document Title Filing Date