On or around 09/25/2018 (Notice of voluntarily dismissal)
Filing Date: August 16, 2018
According to the Complaint, Syntel, Inc. ("Syntel" or the "Company") provides digital transformation, information technology (“IT”), and knowledge process outsourcing (“KPO”) services worldwide.
Plaintiff brings this stockholder class action on behalf of himself and all other public stockholders of Syntel against Syntel and the Company’s Board of Directors for violations of Sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 and for breaches of fiduciary duty as a result of Defendants’ efforts to sell the Company to Atos, S.E. and its affiliate Green Merger Sub Inc. as a result of an unfair process for an unfair price, and to enjoin the stockholder vote on a proposed stock and cash transaction valued at approximately $3.57 billion (the “Proposed Transaction”).
On July 22, 2018, Syntel issued a press release announcing the Proposed Transaction. On August 7, 2018, Syntel filed a Preliminary Proxy Statement on Schedule PREM14A (the “Preliminary Proxy”) with the Securities and Exchange Commission in support of the Proposed Transaction. The Complaint alleges that the Preliminary Proxy is materially deficient and deprives Syntel stockholders of the information they need to make an intelligent, informed and rational decision of whether to vote their shares in favor of the Proposed Transaction. In particular, the Complaint alleges that the Preliminary Proxy omits and/or misrepresents material information concerning, among other things: (a) the sales process leading up to the Proposed Transaction; (b) the financial projections for Syntel, provided by Syntel to the Company’s financial advisors for use in their financial analyses; and (c) the data and inputs underlying the financial valuation analyses that purport to support the fairness opinions provided by the Company’s financial advisor.
This case was voluntarily dismissed on September 25, 2018.
Company & Securities Information
Defendant: Syntel, Inc.
Industry: Computer Services
Headquarters: United States
Ticker Symbol: SYNT
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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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.
First Identified Complaint
Mahesh Veer Satya Tolapu, et al. v. Syntel, Inc., et al.
COURT: E.D. Michigan
DOCKET #: 18-CV-12562
JUDGE: Hon. Stephen J. Murphy, III
DATE FILED: 08/16/2018
CLASS PERIOD START: 07/22/2018
CLASS PERIOD END: 08/16/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Anthony L. DeLuca, PLC 14950 East Jefferson Avenue, Suite 170, Anthony L. DeLuca, PLC, MI 48230 313.821.5905 313.821.5906 ·
Brodsky & Smith, LLC Two Bala Plaza, Suite 602, Brodsky & Smith, LLC, PA 19004 610.667.6200 610.667.6200 ·
First Identified Complaint (FIC) Filings:
Class Action Complaint for Breach of Fiduciary Duties, Aiding and Abetting, and Violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934
U.S. District Court Civil Docket
Notice of Voluntary Dismissal Pursuant to Fed. R. CIV. P.41(a)(1)(A)
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available