Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit Against Cytec Industries Inc.
October 27 2015 - 7:26PM
Business Wire
Notice is hereby given that Faruqi & Faruqi, LLP has filed a
class action lawsuit in the United States District Court for the
District of Delaware, case no. 1:15-cv-00891, on behalf of
stockholders of Cytec Industries Inc. (“Cytec” or the “Company”)
(NYSE:CYT) who held (and continue to hold) Cytec securities
acquired on or before July 28, 2015, when the Company agreed to be
acquired by Solvay SA (“Solvay”) through Tulip Acquisition Inc.
(“Merger Sub”).
If you wish to obtain information concerning this action or view
a copy of the complaint, you can do so by clicking here:
www.faruqilaw.com/Cytec.
The complaint charges Cytec, its board of directors, Solvay and
Merger Sub with violations of the Securities Exchange Act of 1934
(the “Exchange Act”).
On July 28, 2015, Cytec, Solvay, and Merger Sub entered into a
definitive Agreement and Plan of Merger (the “Merger Agreement”).
Pursuant to the Merger Agreement, the Company’s common stock will
be cancelled and converted into the right to receive $75.25 in cash
without interest (the “Merger Consideration”). The proposed
transaction’s total value is $5.5 billion and is expected to close
in the fourth calendar quarter of 2015.
The complaint alleges that the Form PREM14A Proxy Statement,
which recommended that Cytec stockholders vote in favor of the
Merger Agreement, omitted and/or misrepresented material
information in contravention of Sections 14(a) and 20(a) of the
Exchange Act. The omitted information is material to the impending
decision of Cytec stockholders on whether to vote in favor or
against the Merger Agreement and/or whether to seek appraisal for
their shares. The complaint also alleges that the $75.25 per share
offer price is inadequate, the intrinsic value of Cytec’s common
stock is materially in excess of the amount offered for those
securities in the proposed transaction given the Company’s
prospects for future growth and earnings and the value Solvay
attributes to its future success based on the merger.
Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm
with extensive experience in prosecuting class actions, and
significant expertise in actions involving corporate fraud. Faruqi
& Faruqi, LLP, was founded in 1995 and the firm maintains its
principal office in New York City, with offices in Delaware,
California, and Pennsylvania.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. Any member of the putative 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. If you wish to discuss this action, or have any
questions concerning this notice or your rights or interests,
please contact:
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151027007102/en/
Faruqi & Faruqi, LLPJuan E. Monteverde, Esq., 877-247-4292
or 212-983-9330jmonteverde@faruqilaw.com