- Company Name
- Analogic Corporation
- Stock Symbol
- Class Period
- held to May 11, 2018
- Motion Deadline
- August 21, 2018
- District of Massachusetts
On July 24, 2018, Robbins Geller Rudman & Dowd LLP filed a complaint alleging violations of the federal securities laws by Analogic Corporation and certain of its officers and/or directors. The class action was commenced in the United States District Court for the District of Massachusetts on behalf of of holders of Analogic common stock on May 11, 2018.
ROBBINS GELLER RUDMAN & DOWD LLP FILES CLASS ACTION SUIT AGAINST ANALOGIC CORPORATION
San Diego – July 24, 2018 – Robbins Geller Rudman & Dowd LLP (http://www.rgrdlaw.com/cases/analogic/) today announced that a class action has been filed on behalf of holders of Analogic Corporation (NASDAQ:ALOG) common stock on May 11, 2018, the record date to vote on the Agreement and Plan of Merger. This action was filed in the District of Massachusetts and is captioned Burcaw v. Analogic Corporation, No. 18-cv-11557. There is at least one other similar case pending in the same court, Carr v. Analogic Corporation, No. 18-cv-11301.
The Private Securities Litigation Reform Act of 1995 permits any investor who held Analogic shares on the record date to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. A class member’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from June 22, 2018. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Esther Lee of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. A copy of the filed complaint can be viewed at http://www.rgrdlaw.com/cases/analogic/.
The complaint charges Analogic and its Board of Directors with violations of the Securities Exchange Act of 1934 (“1934 Act”) in connection with the sale of the Company to affiliates of Altaris Capital Partners, LLC (“Altaris”). Analogic designs, manufactures and sells advanced medical imaging, ultrasound and security systems and subsystems to original equipment manufacturers and end users primarily in the healthcare and airport security markets.
On April 10, 2018, Analogic announced it had entered into an Agreement and Plan of Merger with Altaris, pursuant to which each share of Analogic common stock would be converted into the right to receive $84 in cash (the “Transaction”). The Transaction consideration represented a 12.5% discount to Analogic stock’s $96.05 per share closing price right before the Transaction was announced. On May 16, 2018, defendants filed a Definitive Proxy Statement on Schedule 14A with the SEC (the “Proxy”) to solicit shareholder approval of the Transaction.
The complaint alleges the Proxy issued in connection with the Transaction contained materially false and misleading statements in violation of §14(a) of the 1934 Act. According to the complaint, in pursuing the unfair plan to facilitate the acquisition of Analogic by Altaris for grossly inadequate consideration, defendants made false and misleading statements in the Proxy concerning the merger process and certain financial forecasts prepared by Analogic and relied upon by its financial advisor in support of its fairness opinion. By including the statements in the Proxy, defendants induced stockholders to defer to the Board’s recommendation to vote in favor of the unfairly priced Transaction. Pursuant to an uninformed shareholder vote, defendants completed the Transaction on June 22, 2018.
Plaintiff seeks damages on behalf of all holders of Analogic common stock as of May 11, 2018 (the “Class”). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller is widely recognized as a leading law firm advising and representing U.S. and international investors in securities litigation and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For the third consecutive year, the Firm ranked first in both the total amount recovered for investors and the number of shareholder class action recoveries in ISS's SCAS Top 50 Report. Robbins Geller attorneys have shaped the law in the areas of securities litigation and shareholder rights and have recovered tens of billions of dollars on behalf of the Firm’s clients. Robbins Geller not only secures recoveries for defrauded investors, it also implements significant corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.