A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to serve as lead plaintiff, you must move the Court no later than August 8, 2022. For example, the 3.45% Notes fell from 109% on Jto just 103% of par on June 24, 2020. On this news, the prices of the Notes fell significantly. WM also revealed that the deal was now not expected to close until "the end of the third quarter of 2020" – six months later than had been represented by defendants at the start of the Class Period and, critically, after the end date which triggered the redemption feature of the Notes. In addition, WM and ADS had agreed to sell $835 million worth of assets in an attempt to satisfy antitrust regulators, which assets were responsible for generating approximately $345 million in 2019 revenue. Under the revised Merger terms, WM agreed to purchase ADS for $4.6 billion, or $30.30 per share, thereby reducing WM's acquisition cost by approximately $300 million to $4.6 billion. On June 24, 2020, WM disclosed that the Company and ADS had revised the terms of the Merger and that WM needed to divest substantially more assets than previously disclosed to receive DOJ approval for the deal. Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period, including omitting material facts relating to: (i) the DOJ's indication to WM that it would require WM to divest significantly more than $200 million and (ii) the impact of the DOJ's indication on the completion of the Merger and the redemption of the Notes. The DOJ concluded that the combination of WM and ADS would, without divestures significantly in excess of $200 million, cause harm to municipal solid waste disposal in 24 geographic markets across 8 states, and cause harm to small container commercial waste collection in 33 geographic markets located in 6 states. Unbeknownst to investors, during this process the DOJ informed WM that its agreement to divest $200 million in revenue-producing assets to address antitrust concerns would be insufficient for regulatory approval. On October 25, 2019, WM, ADS, and the DOJ entered into a timing agreement that provided for a minimum 70-day settlement period during which the parties would attempt to reach an agreement on DOJ approval for the Merger, which included DOJ approval of the amount of WM's asset divestures. The Merger was conditioned upon an ADS shareholder vote and obtaining antitrust clearance from regulators, including the U.S. On April 14, 2019, WM entered into an agreement and plan of merger (the "Merger") to acquire Advanced Disposal Systems, Inc. The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934. The Notes include the following senior redeemable notes issued by WM in May 2019: (i) 2.95% Senior Notes due 2024 (ii) 3.20% Senior Notes due 2026 (iii) 3.45% Senior Notes due 2029 and (iv) 4.00% Senior Notes due 2039. ("WM" or the "Company") (NYSE: WM) between Februand June 23, 2020, inclusive (the "Class Period"). New York, New York - Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased certain redeemable senior notes (the "Notes") of Waste Management, Inc. Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or to discuss your rights. NEW YORK, J/PRNewswire/ - Did you lose money on investments in Waste Management? If so, please visit Waste Management, Inc.
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