According to the Complaint, El Paso Electric Company ("El Paso") is an electric utility that provides generation, transmission, and distribution service to approximately 428,000 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico.

This action stems from a proposed transaction announced on June 3, 2019, pursuant to which El Paso will be acquired by Sun Jupiter Holdings LLC.

On June 1, 2019, El Paso’s Board of Directors caused the Company to enter into an agreement and plan of merger with Sun Jupiter Holdings LLC. Pursuant to the terms of the Merger Agreement, Sun Jupiter’s stockholders will receive $68.25 in cash for each share of El Paso common stock they own.

On July 16, 2019, Defendants filed a proxy statement with the United States Securities and Exchange Commission 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 January 29, 2020.