NEW YORK, Oct. 14, 2016 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Western District of Texas, case no. 5:16-cv-00955, on behalf of shareholders of CST Brands, Inc. ("CST" or the "Company") (NYSE: CST) who held CST securities and have been harmed by CST's and its board of directors' (the "Board") alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Securities and Exchange Commission ("SEC") Rule 14a-9 in connection with the proposed merger between the Company and Circle K Stores, Inc. ("Circle K").
On August 22, 2016, CST and Circle K jointly announced that they had entered into an Agreement and Plan of Merger ("Merger Agreement") under which Circle K, an indirect wholly owned subsidiary of Alimentation Couche-Tard Inc., will merge with CST through Ultra Acquisition Corp., a newly formed subsidiary of Circle K (the "Proposed Transaction"). The shareholder vote on the Proposed Transaction has been set for November 16, 2016.
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/CSTnotice.
Pursuant to the terms of the Merger Agreement, which was unanimously approved by the Board, CST shareholders will receive $48.53 in cash for each share of CST they own. The complaint claims that this offer is inadequate in light of the Company's recent financial performance and strong growth prospects, and that the Schedule 14A Definitive Proxy that was filed with the SEC soliciting shareholder votes provides materially incomplete and misleading information about the Company's financials and the fairness of the Proposed Transaction, in violation of Sections 14(a) and 20(a) of the Exchange Act.
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:
Nadeem Faruqi, Esq.
James M. Wilson, Jr., Esq.
FARUQI & FARUQI, LLP
685 3rd Avenue, 26th Floor
New York, NY 10017
Tel.: (212) 983-9330
Fax: (212) 983-9331
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SOURCE Faruqi & Faruqi, LLP