INSIGHTS
Weiss & Lurie commenced a class action lawsuit on July 21, 2011, in the U.S. District Court for the District of Delaware on behalf of all persons who hold shares of China Security & Surveillance Technology against CSR and its board of directors for violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 in connection with the proposed acquisition of CSR by Rightmark Holdings Limited, a wholly owned subsidiary of Guoshen Tu, CSR’s Chairman and CEO for $6.50 per CSR share (the “Proposed Acquisition”).
Weiss & Lurie Announces Class Action Suit Against China Security & Surveillance Technology
Date: 2011/08/02
Source: Weiss & Lurie
Weiss & Lurie commenced a class action lawsuit on July 21, 2011, in the U.S. District Court for the District of Delaware on behalf of all persons who hold shares of China Security & Surveillance Technology against CSR and its board of directors for violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 in connection with the proposed acquisition of CSR by Rightmark Holdings Limited, a wholly owned subsidiary of Guoshen Tu, CSR's Chairman and CEO for $6.50 per CSR share (the “Proposed Acquisition”).
The complaint alleges that, in an attempt to secure shareholder approval of the Proposed Acquisition, defendants filed a materially misleading Preliminary Proxy Statement, which omitted and/or misrepresented information that CSR shareholders would find material in making an informed decision as to whether or not to vote in favor of the Proposed Acquisition. The complaint further alleges that certain of the defendants breached, or aided and abetted the other defendants' breaches of their fiduciary duties.