- Company Name
- DigitalGlobe, Inc.
- Stock Symbol
- Motion Deadline
- July 23, 2017
- District of Colorado
On July 11, 2017, Robbins Geller Rudman & Dowd LLP filed a complaint alleging violations of the federal securities laws by DigitalGlobe, Inc. and certain of its officers and/or directors. The class action was commenced in the United States District Court for the District of Colorado on behalf of purchasers of DigitalGlobe securities held on June 16, 2017.
ROBBINS GELLER RUDMAN & DOWD LLP FILES CLASS ACTION SUIT AGAINST DIGITALGLOBE, INC.
San Diego – July 12, 2017 – Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/digitalglobe/) today announced that a class action has been commenced on behalf of holders of DigitalGlobe, Inc. (“DigitalGlobe”) (NYSE:DGI) common stock on June 16, 2017. This action was filed in the District of Colorado and is captioned Machion v. DigitalGlobe, Inc., et al., No. 17-cv-1692.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from May 24, 2017. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/digitalglobe/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges DigitalGlobe, its Board of Directors and MacDonald, Dettwiler and Associates Ltd. (“MDA”) with violations of the Securities Exchange Act of 1934 (“1934 Act”) in connection with the proposed acquisition of DigitalGlobe by MDA. DigitalGlobe specializes in defense and security applications and is the world’s leading provider of high-resolution Earth imagery, data and analysis.
On February 24, 2017, DigitalGlobe and MDA announced they had entered into an agreement and plan of merger (the “Merger Agreement”). Pursuant to the Merger Agreement, shareholders of DigitalGlobe will receive $17.50 in cash and $17.50 in MDA stock for each share of DigitalGlobe stock they own (the “Proposed Acquisition”), for a value of $35 per share based on the closing price of MDA stock on February 16, 2017. The complaint alleges the value to be received by DigitalGlobe shareholders in the Proposed Acquisition significantly undervalues the Company.
In addition, the complaint alleges that, in an attempt to encourage and obtain shareholder support for the Proposed Acquisition, defendants filed a series of materially false and misleading disclosure documents with the SEC, including a registration statement on Form F-4 on April 27, 2017, an amended registration statement on Form F-4 on June 2, 2017, a Prospectus on June 22, 2017 (collectively the “Registration Statement”), and a proxy statement on Schedule 14A on June 22, 2017 (the “Proxy Statement”). The material misstatements and omissions from the Registration Statement and the Proxy Statement render each document false and misleading in violation of §14(a) of the 1934 Act. According to the complaint, the Registration Statement and the Proxy Statement, both of which recommend that DigitalGlobe shareholders vote in favor of the Proposed Acquisition, omit material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Acquisition, including material information from DigitalGlobe’s and MDA’s financial projections, which were relied on by the Company’s financial advisors in formulating their fairness opinions, and material information from the analyses performed by DigitalGlobe’s financial advisors.
Plaintiff seeks injunctive relief on behalf of all holders of DigitalGlobe as of June 16, 2017 (the “Class”) or, if injunctive relief is not available, monetary damages. 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.