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Case Status:    ONGOING    
On or around 06/04/2018 (Ongoing date of last review)

Filing Date: March 31, 2018

8point3 Energy, incorporated on March 3, 2015, owns, operates, and acquires solar energy generation projects.

On February 5, 2018, 8point3 Energy issued a press release announcing the Proposed Transaction, pursuant to which Capital Dynamics, Inc. will acquire 8point3 through an acquisition of 8point3 General Partner, LLC (the “General Partner”), the general partner of the Partnership (such transaction, the “GP Transfer”), all of the outstanding Class A shares in the Partnership and all of the outstanding common and subordinated shares and incentive distribution rights in 8point3 Operating Company, LLC (“OpCo”), the Partnership’s operating company (the “Proposed Transactions”).

The Complaint alleges that on March 19, 2018, in order to convince 8point3 Energy’s shareholders to vote in favor of the Proposed Transaction, Defendants authorized the filing of a materially incomplete and misleading proxy statement (the “Proxy”) with the Securities and Exchange Commission (“SEC”), in violation of Sections 14(a) and 20(a) of the Exchange Act. The Complaint alleges that in particular, the Proxy contains materially incomplete and misleading information concerning: (i) financial projections for 8point3 Energy; (ii) the valuation analyses performed by 8point3 Energy’s financial advisor, Evercore Group L.L.C. (“Evercore”), in support of its fairness opinion; (iii) information relating to the Background of the Merger; and (iv) potential conflicts of interest faced by the financial advisors.

On June 4, 2018, the Court issued an Order consolidating cases.

COMPANY INFORMATION:

Sector: Utilities
Industry: Electric Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CAFD
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-01989
JUDGE: Hon. Susan Illston
DATE FILED: 03/31/2018
CLASS PERIOD START: 02/05/2018
CLASS PERIOD END: 03/31/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Monteverde & Associates PC (Culver City)
    600 Corporate Pointe, Suite 1170, Monteverde & Associates PC (Culver City), CA 90230
    310.446.6652 310.446.6652 ·
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