Case Page

 

Case Status:    ONGOING    
On or around 10/29/2018 (Ongoing date of last review)

Filing Date: October 29, 2018

According to the Complaint, Sonic franchises and operates a chain of drive-in restaurants, which serve hamburgers, sandwiches, and other signature items, principally in the south central and southeastern United States.

On September 24, 2018, the Board caused the Company to enter into an agreement and plan of merger (“Merger Agreement”), pursuant to which Sonic’s stockholders will receive $43.50 in cash for each share of Sonic common stock they hold (the “Merger Consideration”). On September 25, 2018, the Company announced the Proposed Transaction, under which Inspire Brands, Inc. will acquire Sonic, in a press release.

On October 22, 2018, Defendants caused the Proxy to be filed with the SEC in connection with the Proposed Transaction. The Proxy solicits the Company’s shareholders to vote in favor of the Proposed Transaction. The Complaint alleges that the Proxy misrepresents and/or omits both required and material information that is necessary for the Company’s shareholders to make an informed decision concerning whether to vote in favor of the Proposed Transaction, in violation of Sections 14(a) and 20(a) of the Exchange Act.

COMPANY INFORMATION:

Sector: Services
Industry: Restaurants
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SONC
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: W.D. Oklahoma
DOCKET #: 18-CV-01063
JUDGE: Hon. Charles Goodwin
DATE FILED: 10/29/2018
CLASS PERIOD START: 09/25/2018
CLASS PERIOD END: 10/29/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. Jones Gotcher
    3800 First Place Tower, 15 East Fifth Street, Jones Gotcher, OK 74103
    918.581.8200 ·
No Document Title Filing Date
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—Related District Court Filings Data is not available