Lawsuit: HSN Files Misleading Proxy Statement, Demands Stockholder Support
by Erin Shaak
Last Updated on May 8, 2018
McClure v. HSN, Inc. et al.
Filed: September 7, 2017 ◆§ 1:17-cv-01279-UNA
HSN, Inc. and its board of directors are facing a proposed class action filed by a stockholder over the company’s allegedly misleading proxy statement regarding a potential merger between HSN and Liberty Interactive Corporation.
HSN, Inc. and its board of directors are facing a proposed class action filed by a stockholder over the company’s allegedly misleading proxy statement regarding a potential merger between HSN and Liberty Interactive Corporation. The suit claims the defendants recommended shareholders vote in favor of the merger, which the plaintiff says represents a $2.1 billion deal that “fails to adequately compensate” HSN’s stockholders in light of the company’s recent growth. Before the vote, however, the lawsuit argues that the defendants must release missing details concerning the company’s financial projections and the valuation analyses performed by its financial advisors. Without this information, the plaintiff alleges, the proxy statement is misleading and stockholders are unable to make an informed decision regarding the potential transaction.
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