8point3 Energy Partners Faced with Securities Lawsuit Over Potential Merger

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8point3 Energy Partners LP and its board of directors are facing a proposed class action that claims the company misled stockholders concerning a potential merger with Capital Dynamics, Inc. According to the case, the proxy statement the defendants filed in connection with the transaction was misleading and incomplete. Specifically, the complaint alleges, the statement was missing information about 8point3’s financial projections, the analyses performed by its financial advisor, potential conflicts of interest faced by the company’s advisor, and background information regarding the sale process.

The lawsuit claims stockholders should have been made aware of the amount of compensation the company’s advisor received for services it performed in the past, as well as whether any other potential bidders had been precluded from presenting superior offers for the company by provisions in their non-disclosure agreements.