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Case Status:    ONGOING    
On or around 07/29/2020 (Date of last review)

Filing Date: July 28, 2020

According to the Complaint, Benefytt Technologies, Inc. is a health insurance technology company that primarily engages in the development and operation of private e-commerce health insurance marketplaces, consumer engagement platforms, agency technology systems, and insurance policy administration platforms.

This action stems from a proposed transaction announced on July 13, 2020, pursuant to which Benefytt Technologies, Inc. will be acquired by funds affiliated with Madison Dearborn Partners, LLC.

On July 12, 2020, Benefytt’s Board of Directors caused the Company to enter into an agreement and plan of merger with Daylight Beta Parent Corp. (“Parent”) and Daylight Beta Corp. (“Merger Sub,” and together with Parent, “Daylight”). Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Benefytt’s outstanding Class A common stock for $31.00 per share in cash. The Tender Offer is set to expire on August 20, 2020.

On July 24, 2020, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Accident & Health)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BFYT
Company Market: NASDAQ
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-01017
JUDGE:
DATE FILED: 07/28/2020
CLASS PERIOD START: 07/13/2020
CLASS PERIOD END: 07/28/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  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