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The number of securities-related lawsuits filed in the U.S. has been on the rise in recent times, particularly after M&A transactions and other significant corporate developments are announced.
S&P Global Market Intelligence is now keeping track of such cases filed against companies in our covered industries. The following information is compiled on a best-efforts basis twice monthly.
Banks, thrifts and financial services
Two purported shareholders of Coastway Bancorp Inc. filed separate lawsuits seeking to block the company's pending merger into HarborOne Bancorp Inc. (MHC). The complaints accused Coastway of misleading shareholders by omitting certain material information from its definitive proxy statement to approve the pending deal. The lawsuits seek preliminary and permanent injunctions against the merger.
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Verifone Systems Inc. is facing four putative class-action lawsuits related to its planned acquisition by an investor group led by Francisco Partners Management LP. The suits allege that the preliminary proxy statement related to the merger, filed by Verifone Systems with the SEC on May 7, omitted certain purportedly material information.
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A purported shareholder of CYS Investments Inc. filed a putative class-action lawsuit, seeking to enjoin the stockholder vote on the company's acquisition by Two Harbors Investment Corp. The shareholder contends that a deal-related registration statement omitted or misrepresented material information concerning the companies' financial projections, the data and inputs underlying the financial valuation analyses that support the fairness opinions and the background process leading to the deal.
Communications
A shareholder derivative action against certain current and former officers and directors of CenturyLink Inc. accuses them of making...