On or around 07/23/2019 (Ongoing date of last review)
Filing Date: July 23, 2019
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.
Company & Securities Information
Industry: Retail (Specialty)
Headquarters: United States
Ticker Symbol: BID
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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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.