Stockholder alleges Arctic Cat, board of directors violated law

By Wadi Reformado | Mar 2, 2017

MINNEAPOLIS (Legal Newsline) — A stockholder has filed a class action lawsuit against Arctic Cat and its board of directors, alleging violation of federal law.

Zaheer Pajnigar filed a complaint, individually and on behalf of all others similarly situated, Feb. 10, U.S. District Court for the District of Minnesota against Arctic Cat Inc., Kim A Brink, Tony J. Christianson, Andrew S. Duff, Susan E. Lester, Christopher T. Metz, Joseph F. Puishys, and Kenneth J. Roering, alleging they issued misleading and false information regarding a proposed merger with Textron Specialized Vehicles.

According to the complaint, Pajnigar suffered monetary damages from not being able to make an informed decision regarding the merger offer due to incomplete information given to stockholders regarding the agreement. 

The plaintiff alleges the defendants provided the public stockholders incomplete and inaccurate information regarding the proposed merger.

Pajnigar seeks trial by jury, to enjoin the defendants, all damages, profits, any special benefits, all legal fees and all other relief the court deems just. He is represented by attorney Russell M. Spence Jr. of Hellmuth & Johnson, PLLC in Edina, Minnesota.

U.S. District Court for the District of Minnesota Case number 0:17-cv-00443-WMW-HB

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