Potash POT Shareholders File Securities Fraud Class Action Lawsuit Complaint Against Potash Corporation Of Saskatchewan.
A securities fraud class action lawsuit has been filed against Potash Corporation of Saskatchewan, Inc. (“Potash”or “Defendant”) in the United States District Court for the Northern District Of Illinois on behalf of a class consisting of all persons who held shares of Potash common stock (symbol: POT) on August 17, 2010, alleging that Potash and Potash’s board of directors violated federal securities fraud laws in connection with the BHP Billiton Development 2 (Canada) Limited tender offer (the “BHP Billiton tender offer”), according to class action lawsuit news reports.
The Potash tender offer securities fraud class action lawsuit complaint reportedly alleges that BHP sent a written proposal in August 2010 to purchase Potash for $130 per share in cash (for a total purchase price of $38.6 billion) but that Potash adopted a shareholders rights plan (i.e. a “Poison Pill”) that allegedly would dilute Potash’s equity and then reportedly issued a materially false and misleading Solicitation/Recommendation Statement on Schedule 14D-9 recommending that Potash shareholders reject the Tender Offer and not tender their shares.
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