BROOKLYN, N.Y. (Legal Newsline) – An owner of SodaStream shares alleges the company issued a false and misleading proxy statement regarding the proposed merger with PepsiCo.
Lawrence Zucker filed a complaint on behalf himself and all others similarly situated on Sept. 13 in the U.S. District Court for the Eastern District of New York against SodaStream International LTD, et al. alleging violation of the Securities Exchange Act of 1934.
According to the complaint, the plaintiff alleges that on Aug. 20, the defendants announced an agreement and proposed plan of merger with PepsiCo. The plaintiff alleges the defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the proposed transaction, but the proxy statement omits material information with respect to the proposed transaction. The plaintiff alleges this purported omission renders the statement materially false and misleading.
The plaintiff holds SodaStream International LTD, et al. responsible because the defendants allegedly omitted material information regarding the company’s financial projections and failed to disclose the timing and nature of all communications regarding future employment and directorship of the company’s officers and directors.
The plaintiff requests a trial by jury and seeks costs of this action, including reasonable allowance for plaintiff’s attorneys’ and experts’ fees. He is represented by Aaron L. Brody and Michael J. Klein of Stull, Stull & Brody in New York.
U.S. District Court for the Eastern District of New York case number 1:18-cv-05180-LDH-LB