Inventure Foods, Board Members Hit with Securities Lawsuits Over Company’s Sale to Utz
Last Updated on May 8, 2018
Schoenfield v. Inventure Foods, Inc. et al
Filed: November 20, 2017 ◆§ 2:17-cv-04274-DGC
Five lawsuits were filed against Inventure Foods and its board of directors this week over a slew of alleged securities law violations.
Inventure Foods, Inc. and its six-member board of directors find themselves as the defendants in five proposed class action lawsuits filed on November 20 and 21 in connection with the board’s attempt to sell Inventure to Utz Quality Foods, LLC and Heron Sub, Inc. The lawsuits, filed in Arizona, allege the defendants violated federal securities laws by issuing materially false and/or misleading information regarding the deal – specifically the details of Inventure’s financial projections and valuation analyses performed by a third-party advisor.
The complaints argue the defendants’ failure to properly disclose such information in the company’s November 15, 2017 Schedule 14D-9 Solicitation/Recommendation Statement filed with the U.S. Securities and Exchange Commission leaves stockholders with an incomplete picture as to whether they should tender their Inventure stock shares as per the October 2017 offer of $4.00 per share.
Among other claims, the lawsuits allege:
The complaints can be read below.
Schoenfield v. Inventure Foods, Inc. et al.; 2:17-cv-04274-DGC
Shaoul v. Inventure Foods, Inc. et al.; 2:17-cv-04261-DGC
Schoenfeld v. Inventure Foods, Inc.; 2:17-cv-04273-JAT
D&S Fraley Revocable Living Trust v. Inventure Foods, Inc. et al.; 2:17-cv-04277-SPL
Smith v. Inventure Foods, Inc. et al.; 2:17-cv-04256-SPL
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