The Law Office of Robbins Arroyo LLP Announces that It Has Filed a Class Action Lawsuit Against Covidien plc
August 19, 2014 (Dublin, Ireland) Shareholder rights law firm Robbins Arroyo LLP announces that it has filed a class action lawsuit on August 11, 2014, in the U.S. District Court for the District of Massachusetts (the “Court”), on behalf of the shareholders of Covidien plc (“Covidien”) (NYSE: COV) against Covidien and its board of directors for, among other things, violations of sections 14(a) and 20(a) of the U.S. Securities and Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities and Exchange Commission Rule 14a-9 promulgated thereunder.
Covidien Is Accused of Disseminating a False and Misleading Proxy Statement
The complaint arises out of a June 15, 2014, press release announcing that Covidien had entered into a definitive merger agreement with Medtronic, Inc. pursuant to which Covidien shareholders would receive a combined value of $93.22 per Covidien share, comprised of $35.19 in cash and 0.956 of a new issued share of the go-forward combined company (the “Proposed Transaction”). The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated shareholders of Covidien (the “Class”). The named plaintiff is represented by Robbins Arroyo LLP.
The named plaintiff alleges that certain of the defendants, in connection with the Proposed Transaction, breached or aided and abetted the other defendants’ breaches of their duties and obligations owed to Covidien shareholders. The complaint further alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading registration statement on Form S-4 with the U.S. Securities and Exchange Commission in violation of the Exchange Act and their duties of candor and full disclosure in addition to violating Irish corporate law. The omitted and/or misrepresented information is believed to be material to Covidien shareholders’ ability to make an informed decision whether to approve the Proposed Transaction.
If you purchased or otherwise acquired Covidien prior to the announcement of the Proposed Transaction on June 15, 2014, and wish to serve as lead plaintiff, you must move the Court no later than sixty days from August 19, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact attorney Darnell R. Donahue of Robbins Arroyo LLP at 800-350-6003, via the shareholder information form on our website, or by e-mail at firstname.lastname@example.org. Any member of the 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.
Robbins Arroyo LLP, a nationally recognized leader in the area of shareholder rights litigation, represents individual and institutional investors in securities class action lawsuits and shareholder derivative actions. Robbins Arroyo LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Past results do not guarantee similar outcomes. For more information about the firm, please go to http://www.robbinsarroyo.com.