According to the Complaint, Control4 is a leading global provider of automation and networking systems for homes and businesses, offering personalized control of lighting, music, video, comfort, security, and communications into a unified smart home system.
This action stems from a proposed transaction announced on May 9, 2019, pursuant to which Control4 Corporation
will be acquired by affiliates of SnapAV.
On May 8, 2019, Control4’s Board of Directors caused the Company to enter into an agreement and plan of merger with Wirepath Home Systems, LLC (“Parent”) and Copper Merger Sub, Inc. (“Merger Sub”). Pursuant to the terms of the Merger Agreement, Control4’s stockholders will receive $23.91 in cash for each share of Control4 common stock they own.
On June 7, 2019, Defendants filed a proxy statement with the United States SEC in connection with the
Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.
This case was voluntarily dismissed on August 27, 2019.