NEW YORK, Nov. 29, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Willis Towers Watson plc ("Towers" or the "Company") (NASDAQ: WLTW). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Towers and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 30, 2015, Towers Watson & Co. ("Towers") and Willis Group Holding plc ("Willis") announced that they had entered into a merger agreement pursuant to which Towers stockholders would receive 2.649 shares of Willis stock and a $4.87 per share cash dividend in exchange for each Towers share. Under the agreement, Towers shareholders would own 49.9% of the combined entity, Willis Towers Watsons plc, with Willis shareholders owning the remaining majority. The merger required the approval of a majority of Towers shareholders. In order to secure shareholder support, the Towers Board of Directors authorized Towers Chairman and CEO John Haley ("Haley") to renegotiate the deal terms, including both the exchange ratio and the cash dividend. As alleged in a recent securities class action complaint against Towers and Willis, (i) Haley conspired with Willis executives and a major Willis shareholder; (ii) in exchange for becoming CEO of the merged company, with the promise of a three-year, $165 million pay package, Haley persuaded Towers' Board of Directors and shareholders that a $5 increase in the special dividend was the most he could extract from Willis; and (iii) Haley and the two companies misled Towers shareholders into accepting consideration from the merger that was well below fair value for their Towers shares.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP