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Monday, February 17, 2020

Tiffany & Co. stockholder seeks to halt merger with Louis Vuitton, alleges misleading proxy statement

Federal Court

By Marian Johns | Jan 24, 2020

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WILMINGTON, Del. (Legal Newsline) – A Tiffany & Co. investor alleges the proxy statement submitted to the U.S. Securities and Exchange Commission (SEC) regarding its merger with LVMH Moet Hennessy-Louis Vuitton SE (LVMH) was false and misleading. 

John Thompson, individually and on behalf of all others similarly situated, filed a complaint Jan. 3 in the U.S. District Court for the District of Delaware against Tiffany & Co. and others, alleging violation of the Securities and Exchange Act.

According to the complaint, Tiffany's Board of Directors entered into a merger agreement on Nov. 24, 2019, with LVMH that included Tiffany's stockholders receiving $135 cash for each of their common stock.

The plaintiffs allege Tiffany's proxy submitted to the SEC on Dec. 18, 2019, omitted information regarding its merger, financial projections, information regarding the analyses done by financial advisers Centerview Partners and Goldman Sachs and other material. 

The plaintiff seeks to enjoin the defendants from proceeding with the transaction or to rescind it, a trial by jury and all other just relief. He is represented by Brian Long and Gina Serra of Rigrodsky & Long PA in Wilmington, Delaware, and Richard Maniskas of RM Law PC in Berwyn, Pennsylvania. 

U.S. District Court for the District of Delaware case number 1:20-CV-00009-UNA

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