On or around 05/10/2017 (Date of order of final judgment)
Filing Date: March 09, 2016
According to the law firm press release, the complaint alleges that the Schedule 14D-9 Solicitation/Recommendation Statement (“Recommendation Statement”) filed with the Securities and Exchange Commission (“SEC”) on March 3, 2016 provides materially incomplete and misleading information about the Company and the Proposed Transaction, in violation of Sections 14(d)(4), 14(e) and 20(a) of the Exchange Act. The Recommendation Statement fails to provide LeapFrog’s shareholders with material information concerning the financial and procedural fairness of the Proposed Transaction.
Furthermore, according to the complaint, the Merger Agreement includes a non-solicitation provision, a matching rights provisions, and a $2.9 million termination fee which essentially ensure that a superior bidder will not emerge, as any potential suitor will undoubtedly be deterred from expending the time, cost, and effort of making a superior proposal while knowing that VTech can easily foreclose a competing bid.
On May 9, 2017, the Court issued an Order granting Defendants' Motion to Dismiss with prejudice.
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