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SpaveDev may have violated federal securities laws by withholding key information when soliciting a proxy for its acquisition by Sierra Nevada.
Investigation Source (Case #08-cv-02199)
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- False And Misleading Statements
- Lead Plaintiff Not Chosen
- Tender Offer/Proxy
- Merger Gone Bad
Product or Service
- Common Stock
Injury Type
- Monetary Loss
Investigation Details
This is a securities class action lawsuit against SpaceDev, Inc.
SpaceDev, together with its subsidiaries, engages in the conception, design, development, manufacture, integration, sale, and operation of space technology systems, subsystems, products, and services.
The class action lawsuit alleges that the SpaveDev attempted to solicit shareholder proxies in support of the Company's proposed sale to Sierra Nevada Corporation and SDV Acquisition Corp. (the "Proposed Acquisition") with the issuance of a definitive proxy statement on November 21, 2008 (the "Proxy") that contains omissions of material fact concerning, including:
(i) the process resulting in the Proposed Acquisition, including the alternative transactions that the Board considered;
(ii) the negotiation of the terms of the Proposed Acquisition, including the deal protection devices at issue; and
(iii) the analyses that the Company's financial advisor, Cowen and Company, LLC rendered in connection with the Proposed Transaction.
SpaceDev, together with its subsidiaries, engages in the conception, design, development, manufacture, integration, sale, and operation of space technology systems, subsystems, products, and services.
The class action lawsuit alleges that the SpaveDev attempted to solicit shareholder proxies in support of the Company's proposed sale to Sierra Nevada Corporation and SDV Acquisition Corp. (the "Proposed Acquisition") with the issuance of a definitive proxy statement on November 21, 2008 (the "Proxy") that contains omissions of material fact concerning, including:
(i) the process resulting in the Proposed Acquisition, including the alternative transactions that the Board considered;
(ii) the negotiation of the terms of the Proposed Acquisition, including the deal protection devices at issue; and
(iii) the analyses that the Company's financial advisor, Cowen and Company, LLC rendered in connection with the Proposed Transaction.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| SpaceDev, Inc. | SpaceDev, a wholly owned subsidiary of Sierra Nevada Corporation (SNC), makes parts and equipment for space travel. |