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Case Status:    DISMISSED    
On or around 07/01/2020 (Notice of voluntarily dismissal)

Filing Date: March 18, 2020

According to the Complaint, Front Yard Residential Corporation is an industry leader in providing quality, affordable rental homes.

This action stems from a proposed transaction announced on February 18, 2020, pursuant to which Front Yard Residential Corporation will be acquired by affiliates of Amherst Single Family Residential Partners VI, LP.

On February 17, 2020, Front Yard’s Board of Directors caused the Company to enter into an agreement and plan of merger with BAF Holdings, LLC (“Parent”), a Delaware corporation, and BAF Sub, LLC (“Merger Sub,” and together with Parent, “BAF”). Pursuant to the terms of the Merger Agreement, Front Yard’s stockholders will receive $12.50 in cash for each share of Front Yard common stock they own.

On March 11, 2020, 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. Specifically, the Complaint alleges the Proxy Statement fails to disclose: (i) all line items used to calculate (a) Rental NOI, (b) Core FFO, (c) AFFO, and (d) free cash flows; (ii) Adjusted EBITDA and all underlying
line items; and (iii) a reconciliation of all non-GAAP to GAAP metrics.

This case was voluntarily dismissed on July 1, 2020.


Sector: Financial
Industry: Misc. Financial Services
Headquarters: Other


Ticker Symbol: RESI
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

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.
COURT: D. Delaware
DOCKET #: 20-CV-00386
JUDGE: Hon. Maryellen Noreika
DATE FILED: 03/18/2020
CLASS PERIOD END: 03/18/2020
  1. Rigrodsky & Long, P.A. (Wilmington)
  2. RM Law, P.C. (Berwyn)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available