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Case Status:    ONGOING    
On or around 09/05/2019 (Ongoing date of last review)

Filing Date: February 26, 2019

According to the Complaint, Maxwell Technologies, Inc. ("Maxwell" or the "Company") develops, manufactures, and markets energy storage and power delivery products worldwide.

On February 4, 2019, Maxwell issued a press release announcing the Proposed Transaction. Under the terms of the Merger Agreement, Maxwell will become an indirect wholly-owned subsidiary of Tesla, and Maxwell stockholders will receive a number of shares of Tesla common stock valued at approximately $4.50 for each share of Maxwell common stock they own. The exact valuation will be based upon the quotient obtained by dividing $4.75 by a volume weighted average price of one share of Tesla common stock for the five consecutive trading days preceding the expiration of the tender offer period, rounded to four decimal places.

On February 20, 2019, Maxwell filed a Solicitation/Recommendation Statement on Schedule 14D-9 (the “14D-9”) with the SEC in support of the Proposed Transaction. Also on February 20, 2019, Tesla filed a Registration Statement on Schedule S-4 (the “S-4”, together with the “14D-9” the “Proxy Materials”) with the SEC in support of the Proposed Transaction.

The Complaint alleges that the Proposed Transaction is unfair and undervalued for a number of reasons: significantly, the 14D-9 describes an insufficient sales process in which the Board rushed through an inadequate “sales process” in which the only end goal was a sale to Tesla, and in proper fiduciary measures such as a special committee and market were undertaken only after Tesla had made several bids and had threatened to end its customer relationship with Maxwell should the Company not accept its offer to purchase it; these attempts to bootstrap proper fiduciary procedure late in the sales process reveal the rushed and inadequate nature of the process as a whole.

This case was voluntarily dismissed on June 25, 2019. A related case continues under Docket 19-CV-01094.

On September 5, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MXWL
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: S.D. California
DOCKET #: 19-CV-00377
JUDGE: Hon. Larry Alan Burns
DATE FILED: 02/26/2019
CLASS PERIOD START: 02/04/2019
CLASS PERIOD END: 02/26/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brodsky & Smith, LLC (California)
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 19-CV-01094
JUDGE: Hon. Larry Alan Burns
DATE FILED: 06/11/2019
CLASS PERIOD START: 02/04/2019
CLASS PERIOD END: 06/11/2019
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 ·
No Document Title Filing Date
No Document Title Filing Date