According to the Complaint, Sotheby’s has been uniting collectors with world-class works of art since 1744.

This action stems from a proposed transaction announced on June 17, 2019, pursuant to which Sotheby’s will be acquired by BidFair USA LLC.

On June 16, 2019, Sotheby’s Board of Directors caused the Company to enter into an agreement and plan of merger with BidFair. Pursuant to the terms of the Merger Agreement, Sotheby’s stockholders will receive $57.00 in cash for each share of Sotheby’s common stock they own.

On July 12, 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 November 12, 2019.