NEW YORK, Sept. 7, 2016 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Eastern District of Wisconsin, case no. 2:16-cv-01153, on behalf of shareholders of Joy Global, Inc. ("Joy" or the "Company") (NYSE: JOY) who held Joy securities on the record date, September 1, 2016, and have been harmed by Joy'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 sale (the "Proposed Transaction") of the Company to Komatsu America Corp. ("Komatsu").
On July 21, 2016, the Company announced it had entered into an Agreement and Plan of Merger ("Merger Agreement") pursuant to which Joy will merge with Pine Solutions, Inc., a wholly owned subsidiary of Komatsu, and will thereafter continue as the surviving corporation. The shareholder vote on the Proposed Transaction is expected to occur October 19, 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/JOYnotice.
Pursuant to the terms of the Merger Agreement, which was unanimously approved by the Board, Joy shareholders will receive $28.30 in cash per share for each share of Joy 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 ("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.
FARUQI & FARUQI, LLP
685 3rd Avenue, 26th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
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SOURCE Faruqi & Faruqi, LLP