NEW YORK, Nov. 23, 2016 /PRNewswire/ -- Sadis &
Goldberg LLP ("Sadis & Goldberg") today announced that a class
action has been commenced in the United States District Court of
the Southern District of New York
on behalf of former minority common stockholders of E-Commerce
China Dangdang, Inc. ("Dangdang") who held Dangdang common stock at
any time between May 28, 2016 and the
September 20, 2016 (the "Class
Period") closing of a merger transaction.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have questions concerning this notice or your rights or
interests, please contact plaintiffs' counsel, Sam Lieberman of Sadis & Goldberg at
(212)-573-8164 or via email at slieberman@sglawyers.com. If
you are a member of this class, you can contact plaintiffs' counsel
to view a copy of the complaint. Any member of the putative
class may also move the Court to serve as lead plaintiff through
counsel of their choice, or may choose to take no action and remain
a passive class member.
The complaint charges Dangdang, some of its affiliates, and
certain of its officers and directors with violations of the
Securities Exchange Act of 1934 (the "Exchange Act") as well as
common law claims for breach of fiduciary duties and
misrepresentation.
On May 28, 2016, Dangdang's board
of directors agreed to sell Dangdang in a going private-merger to a
buyers' group that included its controlling stockholder and that
held as a group over 80% of the voting power. The board did so
while rejecting a higher offer from an independent third-party
bidder. The complaint alleges that the defendants' Form 13E-3
and related disclosures, filed in June
2016 were materially misleading in claiming that the Special
Committee that voted to accept the low bid from the controlling
group had "independent" control of the sales process and that the
merger was "procedurally fair" when in fact the Special Committee
was not independent, did not engage the services of independent
counsel, and the going-private merger was not entirely
unfair. These misrepresentations violated Section 13(e) of the
Exchange Act and Rule 13e-3 thereunder.
Plaintiffs seek to recover damages on behalf of all holders of
Dangdang common stock during the Class Period, including the fair
value of their common stock cashed out in the Going-Private
transaction.
This action was filed by Sadis & Goldberg, which has
significant experience prosecuting securities law claims and class
actions. Sadis & Goldberg has represented hedge funds,
other investment funds, and individual investors in securities
litigation for almost two decades. Please visit
www.sglawyers.com for more information.
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visit:http://www.prnewswire.com/news-releases/sadis--goldberg-llp-files-class-action-suit-against-e-commerce-china-dangdang-inc-and-controlling-stockholders-group-arising-out-of-going-private-transaction-300367981.html
SOURCE Sadis & Goldberg LLP