According to the Complaint, Oaktree Capital Group, LLC is an American global asset management firm specializing in alternative investment strategies. It is the largest distressed securities investor in the world, as well as one of the largest credit investors in the world.

On March 13, 2019, Oaktree issued a press release announcing the Proposed Transaction, the proposed merger of Oaktree with Brookfield Asset Management, Inc.

On March 13, 2019, Oaktree entered into an Agreement and Plan of Merger with Brookfield. Pursuant to the terms of the Merger Agreement, Brookfield will acquire approximately 62% of the Oaktree business. Brookfield will acquire all outstanding Oaktree Class A units for, at the election of Oaktree Class A unit holders, either $49.00 in cash or 1.0770 Class A shares of Brookfield per unit.

The Complaint alleges that on June 20, 2019, in order to convince Oaktree’s unit holders to vote in favor of the
Proposed Transaction, the Board authorized the filing of a materially incomplete and misleading proxy statement on Form DEFM14A with the SEC.

This case was voluntarily dismissed on July 24, 2019.