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Bojangles' stock owner alleges proxy statement filed over Walker Merger Sub merger is incomplete

By Noddy A. Fernandez | Dec 21, 2018

NEW YORK (Legal Newsline) – A common stock owner in a North Carolina company alleges that an incomplete and misleading proxy statement was filed regarding a proposed merger.

Darrell Boyette, individually and on behalf of all others similarly situated, filed a complaint on Dec. 13 in the U.S. District Court for the Southern District of New York against Bojangles' Inc., et al. alleging violation of the Securities Exchange Act.

According to the complaint, on Nov. 6, 2016, Bojangles' announced that it had entered into a definitive agreement with Walker Parent Inc., to which Walker Merger Sub Inc. will merge with and into Bojangles.

The suit states that pursuant to the terms of the merger agreement, plaintiff and the class of stockholders will receive $16.10 per share under the proposed transaction. 

However, the plaintiff alleges in order to convince them to vote in favor of the proposed transaction, defendants allegedly filed materially incomplete and misleading definitive proxy statement with the Securities and Exchange Commission. 

The plaintiff holds Bojangles' Inc., et al. responsible because the defendants allegedly prepared a proxy statement filed in the SEC that contains materially false or misleading statements or omitted material facts.

The plaintiff requests a trial by jury and seeks preliminary and permanent injunction, award of costs, and such other and further relief as this court may deem just and proper. He is represented by Joshua M. Lifshitz of Lifshitz & Miller LLP in Garden City, New York.

U.S. District Court for the Southern District of New York case number 1:18-cv-11697-CM 

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Lifshitz & Miller U.S. District Court for the Southern District of New York

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