Stockholder Files Securities Suit Against Alon USA Energy
by Erin Shaak
Last Updated on May 8, 2018
Page v. Alon USA Energy Inc. et al
Filed: June 2, 2017 ◆§ 1:17-cv-00671-UNA
Alon USA Energy Inc. and 11 members of the company's board of directors are facing claims that they published misleading information in a proxy statement.
Alon USA Energy Inc. and 11 members of the company’s board of directors are the defendants in a proposed class action filed by an Alon shareholder who claims the company published misleading information in a proxy statement regarding a proposed merger between Alon and Delek US Holdings, Inc. From the complaint:
“The Merger Consideration and the process by which Defendants agreed to consummate the Proposed Merger are fundamentally unfair to Alon’s public shareholders in view of the Company’s recent financial success and prospects for future growth.”
The suit argues that the proxy statement failed to disclose the calculations used to assess the company’s financial projections and the following analyses performed by its financial advisor that determined the fairness of the deal. As a result, the plaintiff claims the defendant has deprived him and other stockholders of the information they need in determining whether to vote in favor of the merger.
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