On or around 01/08/2019 (Notice of voluntarily dismissal)
Filing Date: December 18, 2018
According to the Complaint, Red Hat is a global provider of open source software solutions to meet the information technology (“IT”) needs of enterprises and service providers.
On October 28, 2018, Red Hat and IBM issued a joint press release announcing they had entered into an Agreement and Plan of Merger dated October 28, 2018 (the “Merger Agreement”) to sell Red Hat to IBM. Under the terms of the Merger Agreement, each Red Hat stockholder will receive $190.00 in cash for each share of Red Hat common stock they own (the “Merger Consideration”). The Proposed Transaction is valued at approximately $34.0 billion.
On December 12, 2018, Red Hat filed a Definitive Proxy Statement on Schedule 14A (the “Proxy Statement”) with the SEC. The Complaint alleges that the Proxy Statement, which recommends that Red Hat stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) the data and inputs underlying the financial valuation analyses that support the fairness opinions provided by the Company’s financial advisors; (ii) the background process leading to the Proposed Transaction; and (iii) financial advisors' potential conflicts of interest.
This case was voluntarily dismissed on January 8, 2019.
Company & Securities Information
Defendant: Red Hat, Inc.
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: RHT
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Charles Orgel, et al. v. Red Hat, Inc., et al.
COURT: D. Delaware
DOCKET #: 18-CV-02006
JUDGE: Hon. Richard G. Andrews
DATE FILED: 12/18/2018
CLASS PERIOD START: 10/28/2018
CLASS PERIOD END: 12/18/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
O'Kelly Ernst & Joyce, LLC 901 N. Market Street, Suite 1000, O'Kelly Ernst & Joyce, LLC, DE ·