Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Hutchinson Technology Incorporated (HTCH)
December 18 2015 - 8:00PM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed against Hutchinson Technology Incorporated
(“Hutchinson Technology” or the “Company”) (Nasdaq:HTCH) in the
United States District Court for the District of Minnesota on
behalf of unitholders of Hutchinson Technology who held (and
continue to hold) Hutchinson Technology securities acquired on or
before November 2, 2015.
On November 2, 2015, Hutchinson Technology
entered into a Purchase Agreement and Plan of Merger (“Merger
Agreement”) under which TDK Corporation (“TDK’) will acquire all of
the outstanding units of Hutchinson Technology through a newly
formed subsidiary of Hydra Merger Sub, Inc. The unit-for-unit
transaction is valued at approximately $221 million. The
transaction and vote are expected to occur in the first quarter of
2016.
The Complaint alleges the Merger Agreement
includes a non-solicitation and matching rights provisions which
essentially ensures that a superior bidder will not emerge, as any
potential suitor will undoubtedly be deterred from expending the
time, cost, and effort of making a superior proposal while knowing
that TDK can easily foreclose a competing bid. The Complaint
further alleges that the preliminary proxy statement (the “Proxy”)
filed with the Securities and Exchange Commission (“SEC”) on
November 23, 2015 provided materially incomplete and misleading
disclosures, thereby violating Sections 14(a) and 20(a) of the
Exchange Act. Complaint further alleges that the Proxy denies
Hutchinson Technology’s unitholders material information concerning
the financial and procedural fairness of the Merger.
If you wish to serve as lead plaintiff, you must
move the Court no later than February 16,
2016. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. If you wish to join the litigation, or to discuss
your rights or interests regarding this class action, please
contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of
Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at
tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at
http://www.gme-law.com for more information about the firm.
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