MONTEVERDE & ASSOCIATES PC HAS FILED A CLASS ACTION LAWSUIT ON BEHALF OF FORMER SHAREHOLDERS OF AVANGRID, INC. IN THE SOUTHERN DISTRICT OF NEW YORK

NEW YORK, Jan. 30, 2025 /PRNewswire/ -- Monteverde & Associates PC (the M&A Firm) announces that a federal securities class action has been filed in the United States District Court for the Southern District of New York, on behalf of former public common shareholders of Avangrid, Inc. ("Avangrid" or the "Company") (former ticker symbol: AGR), who were harmed by alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the acquisition of Avangrid by Iberdrola, S.A. (as to the acquisition, the "Buyout"). The case is styled Goldschein v. Avangrid, Inc., Case No. 25-cv-00772 (the "Federal Class Action"), and a copy of the Complaint can be obtained at www.monteverdelaw.com/news. The claims in the Federal Class Action are asserted against Avangrid and certain former directors and officers of the Company on behalf of stockholders who owned Avangrid shares as of August 19, 2024 (the record date to vote on the Buyout) and who had their stock exchanged for the merger consideration (the "Class").

Under the terms of the Buyout, each share of Avangrid common stock was converted into $35.75 in cash, an amount that the Federal Class Action alleges was financially unfair to Avangrid stockholders. The Complaint alleges that the Proxy Statements filed by the Company with the U.S. Securities and Exchange Commission concerning the Buyout provided Avangrid stockholders with materially misleading and incomplete information in violation of Sections 14(a) and 20(a) of the Exchange Act. Specifically, the Complaint alleges that a director on Avangrid's "Unaffiliated Committee" responsible for representing the interests of stockholders during negotiations had long-standing ties to Iberdrola that were not disclosed in the Company's Proxy Statements, thereby misleading shareholders about—among other things—the Unaffiliated Committee's independence and ability to negotiate terms that were financially fair to stockholders and unaffected by conflicts of interest. The Buyout closed on December 23, 2024.

Mr. Juan Monteverde is available to personally discuss this case with you, and if you wish to serve as lead plaintiff, you must seek lead appointment in the Federal Class Action no later than March 31, 2025. 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.

We encourage you to contact us for more information: https://monteverdelaw.com/case/avangrid-inc/

It is free and there is no cost or obligation to you.

At Monteverde & Associates PC, our firm litigates and has recovered money for shareholders… and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No company, director or officer is above the law. If you owned common stock in Avangrid and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341

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SOURCE Monteverde & Associates PC