Monteverde & Associates PC Files Class Action Lawsuit On Behalf Of Shareholders Of Essendant, Inc. In The District Of Delaware
NEW YORK, Oct. 17, 2018 /PRNewswire/ -- Notice is hereby given that Monteverde & Associates PC has filed a class action lawsuit in the United States District Court for the District of Delaware, Case No. 1:18-CV-01506, on behalf of public common shareholders of Essendant, Inc. ("Essendant" or the "Company") (NasdaqGS: ESND) who held Essendant securities on the record date September 20, 2018 (the "Class Period"), and have been harmed by Essendant and its board of directors' (the "Board") alleged violations of Sections 14(d)(4),14(e), and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the tender offer of Company common stock to be purchased by Staples, Inc. ("Staples") (the "Tender Offer").
Under the terms of the Merger Agreement, Essendant shareholders will receive $12.80 in cash (the "Offer Price") for each share of Essendant common stock they own. The complaint alleges that The Offer Price is inadequate and that the Schedule 14D-9 Solicitation/Recommendation Statement (the "Recommendation Statement") provides materially incomplete and misleading information about the Company's financials and the transaction, in violation of Sections 14(d)(4), 14(e), and 20(a) of the Exchange Act. In particular, the Recommendation Statement contains materially incomplete and misleading information concerning: (i) the background to the Tender Offer; (ii) the valuation analyses performed by the Company's financial advisor, Citigroup Global Markets Inc. ("Citigroup"), in support of its fairness opinion; and (iii) the conflicts of interest Citigroup faced as a result of its ongoing dealings with Essendant, Staples, and certain affiliates. The Tender Offer is scheduled to expire at one minute after 11:59 p.m., New York City time, on October 22, 2018.
If you wish to serve as lead plaintiff, you must move the Court no later than December 17, 2018. 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.
Click here for more information: https://monteverdelaw.com/case/essendant-inc. It is free and there is no cost or obligation to you.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating mergers & acquisitions and securities class actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.
Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave, Suite 4405
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2018 Monteverde & Associates PC. Prior results do not guarantee a similar outcome with respect to any future matter.
SOURCE Monteverde & Associates PC
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