According to the Complaint, Waste Management, Inc. is a waste management and environmental services company.
On April 14, 2019, Waste Management entered into an agreement and plan of merger to acquire Advanced Disposal Services, Inc. for $4.9 billion, or $33.15 per share. The merger was conditioned upon, among other things: (i) the affirmative vote of the holders of a majority of the outstanding shares of Advanced Disposal Services at a special meeting of Advanced Disposal Services shareholders to be held on June 28, 2019 (which was ultimately obtained); and (ii) obtaining antitrust clearance from regulators, including the U.S. Department of Justice (“DOJ”). Knowing that the transaction posed significant antitrust concerns, Waste Management agreed in the Merger Agreement to divest up to $200 million in revenue-producing assets of the combined companies over a prior 12-month period.
On May 14, 2019, Waste Management issued $4 billion worth of senior notes in a public offering to finance Waste Management’s acquisition of Advanced Disposal Services. All series received an investment grade rating.
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the DOJ had indicated to Waste Management that it would require Waste Management to divest significantly more assets than the $200 million Antitrust Revenue Threshold; (ii) as a result, the merger would not be completed by the End Date; and (iii) the Notes would be subject to mandatory redemption at 101% of par.
On November 30, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on January 17, 2023. Defendants filed a Motion to Dismiss the Amended Complaint on April 6. On March 27, 2024, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
On June 14, 2024, Plaintiffs filed a Motion for Class Certification. On March 31, 2025, the Court issued an Order partially granting Plaintiffs' Motion for Class Certification.
On July 10, 2025, the parties entered into a Stipulation of Settlement.
