Cases
Electro Rent Corporation (NASDAQ: ELRC)
Securities Class Action
Overview
Overview
- Date:
- 7/14/2016
- Company Name:
- Electro Rent Corporation
- Stock Symbol:
- ELRC
- Class Period:
- FROM 6/20/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Central California
NEW YORK, July 14, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who held Electro Rent Corporation (NASDAQ: ELRC) securities on June 20, 2016 (the “Class Period”).
On May 31, 2016, Electro Rent and Platinum entered into a definitive agreement (the "Merger Agreement") that would culminate in Platinum, through Merger Sub 1 and Merger Sub 2, acquiring all of the outstanding shares of Electro Rent. Under the terms of the Merger Agreement, Electro Rent public stockholders would have received $13.12 in cash for every share of Electro common stock held, for an approximate aggregate value of $323.4 million. Thereafter, on June 7, 2016, defendants caused the Proxy to be filed with the SEC.
On June 23, 2016, Electro Rent and Platinum entered into a Restated Merger Agreement (the "Restated Merger Agreement"). Under the terms of the Restated Merger Agreement, Electro Rent public stockholders will receive $15.50 in cash for every share of Electro Rent common stock held. On July 7, 2016, the company filed its Definitive Proxy with the SEC and disseminated it in connection with a scheduled August 5, 2016 shareholder vote on the Proposed Transaction.
The lawsuit alleges the Proxy contains a number of false and misleading statements that are material to shareholders who are expected to rely on the Proxy to determine whether to approve the Proposed Transaction. The Proxy omits a number of material facts necessary to make statements made therein not false and misleading, including the events leading to the Merger Agreement, the analyses conducted by the Board's financial advisor, and Electro Rent's prospective financial information.
If you held Electro Rent securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On May 31, 2016, Electro Rent and Platinum entered into a definitive agreement (the "Merger Agreement") that would culminate in Platinum, through Merger Sub 1 and Merger Sub 2, acquiring all of the outstanding shares of Electro Rent. Under the terms of the Merger Agreement, Electro Rent public stockholders would have received $13.12 in cash for every share of Electro common stock held, for an approximate aggregate value of $323.4 million. Thereafter, on June 7, 2016, defendants caused the Proxy to be filed with the SEC.
On June 23, 2016, Electro Rent and Platinum entered into a Restated Merger Agreement (the "Restated Merger Agreement"). Under the terms of the Restated Merger Agreement, Electro Rent public stockholders will receive $15.50 in cash for every share of Electro Rent common stock held. On July 7, 2016, the company filed its Definitive Proxy with the SEC and disseminated it in connection with a scheduled August 5, 2016 shareholder vote on the Proposed Transaction.
The lawsuit alleges the Proxy contains a number of false and misleading statements that are material to shareholders who are expected to rely on the Proxy to determine whether to approve the Proposed Transaction. The Proxy omits a number of material facts necessary to make statements made therein not false and misleading, including the events leading to the Merger Agreement, the analyses conducted by the Board's financial advisor, and Electro Rent's prospective financial information.
If you held Electro Rent securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.