According to the Complaint, Reis, Inc. ("Reis" or the "Company") provides commercial real estate (“CRE”) market information and analytical tools to real estate professionals. Reis maintains a proprietary database of information on all commercial properties in metropolitan markets and neighborhoods throughout the United States. This information is used by CRE investors, lenders, and other professionals to make informed buying, selling, and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify, and manage the risks of default and loss associated with individual mortgages, properties, portfolios, and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers, and appraisers.
This action stems from a proposed transaction announced on August 30, 2018 (the “Proposed Transaction”), pursuant to which Reis will be acquired by Moody’s Corporation (“Parent”) and Moody’s Analytics Maryland Corp. (“Merger Sub,” and together with Parent, “Moody’s”).
On September 13, 2018, Defendants filed a Solicitation/Recommendation Statement (the “Solicitation Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.
This case was voluntarily dismissed as moot on October 8, 2018.