According to the Complaint, Condor Hospitality Trust, Inc. ("Condor") is a real estate investment trust that owns upscale hotels in top metropolitan areas.

This action stems from a Proposed Transaction first disclosed on July 22, 2019, when Condor and NexPoint Hospitality Trust announced that they had entered into a definitive merger agreement pursuant to which NexPoint will acquire all of the outstanding shares of common stock of Condor for $11.10 per share. The deal is valued at approximately $318 million and is expected to close in the in the fourth quarter of 2019.

The Complaint alleges Defendants have violated sections of the Exchange Act by causing a materially incomplete and misleading preliminary proxy statement (the “Proxy”) to be filed with the United States Securities and Exchange Commission on August 9, 2019. Specifically, the Complaint alleges that the Proxy contains materially incomplete and misleading information concerning the sales process, financial projections prepared by Condor management, as well as the financial analyses conducted by Condor’s financial advisor.

This case was voluntarily dismissed on January 28, 2020.