Campbell Soup Co.’s Acquisition of Snyder’s-Lance Hits Snag with Securities Class Action

New to ClassAction.org? Read our Newswire Disclaimer

Snyder’s-Lance, Inc. and its board of directors are the defendants in a proposed class action in which the plaintiff takes issue with a proxy statement submitted by the parties recommending shareholders vote in favor of the snack food institution’s acquisition by Campbell Soup Company through its Twist Merger Sub, Inc. subsidiary. The 22-page lawsuit alleges the defendants’ proxy statement given to the U.S. Securities and Exchange Commission leaves out or misstates information materially relevant to the acquisition, including Snyder’s-Lance management’s financial projections used by Goldman Sachs & Co. in its analyses of the deal; the data and inputs behind those financial analyses that back up Goldman Sachs’ fairness opinion given to shareholders; information on the background process leading up to the merger; and any potential conflicts of interest for company insiders.