Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit Against Sonic Corp. (SONC)
Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Western District of Oklahoma, case No. 18-cv-01063, on behalf of shareholders of Sonic Corp. (“Sonic” or the “Company”) (NASDAQ:SONC) who have been harmed by Sonic’s and its board of directors’ (the “Board”) alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with the proposed acquisition of the Company by Inspire Brands, Inc. (“Inspire”).
On September 28, 2018, the Board caused the Company to enter into an Agreement and Plan of Merger (“Proposed Transaction”) under which Sonic’s shareholders will receive $43.50 in cash for each share of Sonic common stock they hold (the “Merger Consideration”).
The complaint alleges that the Proxy Statement on Schedule 14A (the “Proxy”) filed with the Securities and Exchange Commission (“SEC”) on November 5, 2018, violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company’s financial projections and analysis, on which the Board relied to recommend the Proposed Transaction as fair to Sonic shareholders.
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Filed on 11/19/2018
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