Holders of Cascal (HOO) Stock File Securities Fraud Class Action Lawsuit Against Sembcorp Utilities PTE Ltd. Over Tender Offer.
A securities fraud class action lawsuit was filed against Sembcorp Utilities PTE Ltd. (“Defendant” or “Sembcorp”) in the United States District Court for the Southern District of New York (styled Alan G. Stevens v. Sembcorp Utilities PTE Ltd.) on behalf of a class consisting of all those who held shares of the common stock of Cascal N.V. (HOO) on May 21, 2010 in connection with the tender offer by Sembcorp for Cascal (the “Class”), according to a securities fraud class action lawsuit news report.
The Sembcorp Cascal tender offer class action lawsuit complaint reportedly alleges, among other things, that Sembcorp violated Section 14(e) the Securities Exchange Act of 1934 by issuing false and misleading financial information to investors in connection with the Cascal tender offer, and specifically by failing to disclose, inter alia:
- whether Sembcorp’s tender offer’s “summary” of one set of financial projections was relied on by Sembcorp and/or its financial advisor in developing the terms of its Tender Offer;
- whether the projections supported or did not support the Tender Offer consideration;
- whether the “summary” was supported or not supported by other company financial information made available to Sembcorp;
- any underlying documents and analysis in connection with the summary; and
- whether the projections were the sole projections provided to Sembcorp by Cascal, or whether later updated and/or additional projections were provided to Sembcorp.
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