Cases
Skullcandy, Inc. (NASDAQ: SKUL)
Merger
Overview
Overview
- Date:
- 8/2/2016
- Company Name:
- Skullcandy, Inc.
- Stock Symbol:
- SKUL
- Class Period:
- FROM 6/23/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Utah
NEW YORK, August 2, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Utah District Court on behalf of all persons or entities who held Skullcandy, Inc. (NASDAQ: SKUL) securities on June 23, 2016 (the “Class Period”).
On June 23, 2016, the company entered into definitive agreement under which Incipio will acquire all of the outstanding shares of Skullcandy through an all-cash tender offer followed by a second-step merger.
Pursuant to the terms of the agreement, which was unanimously approved by the Board, Skullcandy shareholders will receive $5.75 in cash per share for each share of Skullcandy they own. The complaint claims that this offer is inadequate in light of the Company's recent financial performance and strong growth prospects and that it represents a 29.2% discount to the Company's 52-week high close price.
The complaint alleges that the Recommendation Statement on Schedule 14D-9 (the "14D-9") filed with the SEC on July 6, 2016 provides materially incomplete and misleading information about the company and the Proposed Transaction regarding: (i) the process leading to the Proposed Transaction, including certain conflicts of interest and bids from other interested parties (ii) the financial analyses conducted by Peter J. Solomon Securities Company, LLC (PJSC), financial advisor to Skullcandy, and (iii) the projections used by PJSC in those analyses. The 14D-9 fails to provide Skullcandy's shareholders with material information concerning the financial and procedural fairness of the Proposed Transaction.
If you held Skullcandy 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 June 23, 2016, the company entered into definitive agreement under which Incipio will acquire all of the outstanding shares of Skullcandy through an all-cash tender offer followed by a second-step merger.
Pursuant to the terms of the agreement, which was unanimously approved by the Board, Skullcandy shareholders will receive $5.75 in cash per share for each share of Skullcandy they own. The complaint claims that this offer is inadequate in light of the Company's recent financial performance and strong growth prospects and that it represents a 29.2% discount to the Company's 52-week high close price.
The complaint alleges that the Recommendation Statement on Schedule 14D-9 (the "14D-9") filed with the SEC on July 6, 2016 provides materially incomplete and misleading information about the company and the Proposed Transaction regarding: (i) the process leading to the Proposed Transaction, including certain conflicts of interest and bids from other interested parties (ii) the financial analyses conducted by Peter J. Solomon Securities Company, LLC (PJSC), financial advisor to Skullcandy, and (iii) the projections used by PJSC in those analyses. The 14D-9 fails to provide Skullcandy's shareholders with material information concerning the financial and procedural fairness of the Proposed Transaction.
If you held Skullcandy 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.