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Case Status:    DISMISSED    
On or around 04/27/2018 (Notice of voluntarily dismissal)

Filing Date: March 07, 2018

Blackhawk Network Holdings, Inc. ("Blackhawk") is a global financial technology company that enables the management of stored value products, promotions and rewards programs in retail, ecommerce, financial services and mobile wallets.

According to the Complaint, on January 16, 2018, Blackhawk issued a press release announcing it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) to sell Blackhawk to Silver Lake Partners (“Silver Lake”) and P2 Capital Partners, LLC (“P2 Capital Partners,” and together with Silver Lake, the “Sponsors”) for $45.25 in cash per Blackhawk common share (the “Merger Consideration”). The Proposed Transaction is valued at approximately $3.5 billion.

On March 2, 2018, Blackhawk filed a Definitive Proxy Statement on Schedule 14A (the “Proxy Statement”) with the SEC.

The Complaint alleges that The Proxy Statement omits and/or misrepresents material information concerning, among other things: (i) Blackhawk insiders’ potential conflicts of interest; (ii) the background process leading to the Proposed Transaction; (iii) Blackhawk’s financial projections, relied upon by Blackhawk’s financial advisor Sandler O’Neill & Partners, L.P. (“Sandler O’Neill”); and (iv) the data and inputs underlying the financial valuation analyses that support the fairness opinion provided by Sandler O’Neill. The alleged failure to adequately disclose such material information constitutes a violation of Sections 14(a) and 20(a) of the Exchange Act as Blackhawk stockholders need such material information in order to cast a fully-informed vote or to make a fully-informed decision to seek appraisal in connection with the Proposed Transaction.

This case was voluntarily dismissed on April 27, 2018.


Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States


Ticker Symbol: HAWK
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: N.D. California
DOCKET #: 18-CV-01484
DATE FILED: 03/07/2018
CLASS PERIOD END: 03/07/2018
  1. WeissLaw LLP (Beverly Hills)

No Document Title Filing Date
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