Blackhawk Network Holdings, Inc. Securities Litigation
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.
Company & Securities Information
Defendant: Blackhawk Network Holdings, Inc.
Industry: Misc. Financial Services
Headquarters: United States
Ticker Symbol: HAWK
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Harold Litwin, et al. v. Blackhawk Network Holdings, Inc., et al.
COURT: N.D. California
DOCKET #: 18-CV-01484
DATE FILED: 03/07/2018
CLASS PERIOD START: 01/16/2018
CLASS PERIOD END: 03/07/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
WeissLaw LLP (Beverly Hills)
First Identified Complaint (FIC) Filings:
Complaint for Violations of the Federal Securities Laws
U.S. District Court Civil Docket
Notice of Voluntary Dismissal
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available