Cases
Chemtura Corporation (NYSE: CHMT)
Securities Class Action
Overview
Overview
- Date:
- 12/1/2016
- Company Name:
- Chemtura Corporation
- Stock Symbol:
- CHMT
- Class Period:
- FROM 11/17/2016
- Status:
- Closed/Complete
- Court:
- U.S. Bankruptcy Court: Eastern District of Pennsylvania
NEW YORK, December 1, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Pennsylvania Eastern District Court on behalf of all persons or entities who held Chemtura Corporation (NYSE: CHMT) securities on November 17, 2016 (the “Class Period”).
The complaint charges Chemtura and the members of its board of directors for their violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934, in connection with the Proposed Transaction between Chemtura Corporation, Lanxess Deutschland GmbH, and Lanxess Additives, Inc.
The Proxy contains materially incomplete and misleading information concerning: (i) the financial projections for Chemtura, which were relied upon by the Board in assessing the fairness of the Merger Consideration and by the Company’s financial advisor in connection with preparing its fairness opinion; (ii) certain information regarding the valuation analyses the Company’s financial adviser performed in support of its fairness opinion; (iii) potential conflicts of interest of the Company’s officers, directors, and/or financial adviser; and (iv) alternative offers and/or confidentiality agreements fielded to/agreed upon by the Company.
Pursuant to the terms of the definitive agreement and the merger agreement, Chemtura common stockholders stand to receive $33.50 for each of share of Chemtura common stock. Chemtura’s own financial adviser in the transaction, Morgan Stanley & Co. LLC, performed a Discounted Cash Flow Analysis yielding an implied value per Chemtura share as high as $36.00.
Furthermore, if the Proposed Transaction is consummated, certain Chemtura officers and directors will receive significant amounts in executive compensation, including a $20,353.216 golden parachute for the current Chairman, President and CEO of Chemtura, Craig Roberson, as well as over $16.35 million in compensation for Chemtura’s other six executive officers.
If you held Chemtura 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.
The complaint charges Chemtura and the members of its board of directors for their violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934, in connection with the Proposed Transaction between Chemtura Corporation, Lanxess Deutschland GmbH, and Lanxess Additives, Inc.
The Proxy contains materially incomplete and misleading information concerning: (i) the financial projections for Chemtura, which were relied upon by the Board in assessing the fairness of the Merger Consideration and by the Company’s financial advisor in connection with preparing its fairness opinion; (ii) certain information regarding the valuation analyses the Company’s financial adviser performed in support of its fairness opinion; (iii) potential conflicts of interest of the Company’s officers, directors, and/or financial adviser; and (iv) alternative offers and/or confidentiality agreements fielded to/agreed upon by the Company.
Pursuant to the terms of the definitive agreement and the merger agreement, Chemtura common stockholders stand to receive $33.50 for each of share of Chemtura common stock. Chemtura’s own financial adviser in the transaction, Morgan Stanley & Co. LLC, performed a Discounted Cash Flow Analysis yielding an implied value per Chemtura share as high as $36.00.
Furthermore, if the Proposed Transaction is consummated, certain Chemtura officers and directors will receive significant amounts in executive compensation, including a $20,353.216 golden parachute for the current Chairman, President and CEO of Chemtura, Craig Roberson, as well as over $16.35 million in compensation for Chemtura’s other six executive officers.
If you held Chemtura 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.