Stockholder Class Action Cries Foul on Whole Foods/Amazon Deal
Last Updated on May 8, 2018
Riegel v. Whole Foods Market, Inc. et al
Filed: July 13, 2017 ◆§ 1:17-cv-00674
A Whole Foods shareholder is the plaintiff in a proposed class action lawsuit filed in the aftermath of the grocer’s acquisition by Amazon.
A Whole Foods shareholder is the plaintiff in a proposed class action lawsuit filed in the aftermath of the grocer’s acquisition by Amazon.
The lawsuit cites alleged violations of the Securities Exchange Act of 1934 stemming from a “materially deficient and misleading” proxy statement required to be submitted to the U.S. Securities and Exchange Commission before the merger. The plaintiff argues the defendant broke the law when the proposed transaction between Whole Foods and Amazon was unanimously approved even though the defendants—Whole Foods Market, Inc. and the 12 members of its board of directors—allegedly knew the proxy statement contained inaccuracies.
The complaint elaborates that the proxy statement for the acquisition allegedly “misstates or omits” the following:
-Whole Foods insiders’ potential conflicts of interest; and
-The valuation analysis prepared by investment banking advisory firm Evercore containing the company’s fairness opinion.
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