NEW YORK, Sept. 19, 2016 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Joy Global Inc. (“Joy Global” or the “Company”) (NYSE: JOY ) and certain of its officers, on behalf of shareholders who held Joy Global securities on the record date, September 1, 2016.
This class action seeks to recover damages against Defendants for alleged breaches of fiduciary duties, aiding and abetting breaches of fiduciary duty, and violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with the acquisition of Joy Global by Komatsu Ltd. and certain of its subsidiaries (collectively, "Komatsu").
Joy Global Inc. is an American Fortune 100 company that manufactures and services heavy machinery used in underground and surface mining.
On July 21, 2016, Joy Global said it had entered into an Agreement and Plan of Merger ("Merger Agreement") in which Joy Global will merge with Pine Solutions, Inc., a wholly owned subsidiary of Komatsu, and will thereafter continue as the surviving corporation. Komatsu will purchase all of Joy Global's remaining shares at a price of $28.30 per share.
The complaint alleges that defendants breached their fiduciary duties by agreeing to the Proposed Acquisition. On September 2, 2016, in an attempt to secure shareholder support for the Proposed Acquisition, defendants issued a materially false and misleading Preliminary Proxy Statement on Schedule 14A (the "Proxy"). The Proxy recommends that Joy Global shareholders vote in favor of the Proposed Acquisition and omits and/or misrepresents material information about the unfair sales process for Joy Global, conflicts of interest that corrupted the sales process, the unfair consideration offered in the Proposed Acquisition, and the actual intrinsic value of the Company on a standalone basis and as a merger partner for Komatsu, in contravention of §§14(a) and 20(a) of the 1934 Act and/or defendants' fiduciary duty of disclosure under state law. This substantial information was not disclosed to the investing public, thus impending shareholders’ decisions whether or not to vote in favor of the Proposed Acquisition.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/joy or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com . Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Joy Global you have until November 7, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
