WILMINGTON, Del. (Legal Newsline) – A
stockholder is suing Fresh Market, alleging violations of the Securities Exchange Act.
John Solak, individually and on behalf
of all others similarly situated, filed the lawsuit April 8 in U.S.
District Court for the District of Delaware against The Fresh Market
Inc., Pomegranate Holdings Inc., Pomegranate Merger Sub Inc., Apollo
Global Management LLC, Apollo Management VIII LP, Ray Berry, Rick
Anicetti, Michael Casey, Jeffrey Naylor, Richard Noll, Bob Sasser,
Robert Shearer, Michael Tucci, Steven Tanger, Jane Thompson and Brett
This lawsuit arises out of Apollo's
efforts to purchase the outstanding common stock of Fresh Market for
$28.50 cash per share, allegedly far less than the originally proposed $31.25
According to the complaint, Apollo
promised consideration to certain Fresh
Market insiders, in violation of the Securities Exchange Act. The
transaction will allow the so-called rollover defendants to benefit
as Fresh Market flourishes under Apollo while the company's public
stockholders, such as Solak, will be deprived of their equity and the special benefit in return for the allegedly inadequate
and unfair price of $28.50 per share.
Solak and others in the class seek a
trial by jury, declaration that all the defendants violated federal
securities laws and should exercise their fiduciary duties to
complete the sale of Fresh Market at the highest possible price,
compensatory damages, pre- and post-judgment interest, court costs, attorney fees, and other relief the court deems proper.
They are represented by attorneys Blake A. Bennett
of Cooch and Taylor PA in Wilmington, and by Brian J. Robbins and
Stephen J. Oddo of Robbins Arroyo LLP in San Diego.
U.S. District Court for the District of
Delaware Case number 16-cv-00249-SLR