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Rigrodsky & Long, P.A. Files Class Action Suit Against Layne Christensen Company

/EIN News/ -- WILMINGTON, Del., April 23, 2018 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:

Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Southern District of Texas on behalf of holders of Layne Christensen Company (“Layne”) (NasdaqGS:LAYN) common stock in connection with the proposed acquisition of Layne by Granite Construction Incorporated and Lowercase Merger Sub Incorporated (“Granite”) announced on February 14, 2018 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Layne, its Board of Directors (the “Board”), and Granite, is captioned Witmer v. Layne Christensen Company, Case No. 4:18-cv-01051 (S.D. Tex.).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/contact-us/

On February 13, 2018, Layne entered into an agreement and plan of merger (the “Merger Agreement”) with Granite. Pursuant to the terms of the Merger Agreement, shareholders of Layne will receive 0.27 shares of Granite common stock for each share of Layne stock they own (the “Proposed Transaction”).

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Registration Statement omits material information with respect to, among other things, Layne’s financial projections, the analyses performed by Layne’s financial advisor, and potential conflicts of interest. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Layne common stock. 

If you wish to serve as lead plaintiff, you must move the Court no later than June 22, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.

Attorney advertising. Prior results do not guarantee a similar outcome.

CONTACT:

Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com

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