SAN DIEGO and RICHMOND HEIGHTS, Ohio, June 24, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that it filed a class action and derivative lawsuit on June 23, 2015, in the U.S. District Court for the Northern District of Ohio, Eastern Division (the "Court") on behalf of the shareholders of Associated Estates Realty Corporation ("Associated Estates") (NYSE, NASDAQ: AEC) against Associated Estates and its Board of Directors (the "Board") for, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act") and U.S. Securities and Exchange Commission Rule 14a-9 promulgated thereunder.
Associated Estates Is Accused of Disseminating a False and Misleading Proxy Statement
The complaint arises out of an April 22, 2015 press release announcing that Associated Estates had entered into a definitive merger agreement with Brookfield Asset Management, Inc. ("Brookfield") pursuant to which Associate Estates' Board agreed to sell Associated Estates to Brookfield for $28.75 in cash per Associate Estate share (the "Proposed Transaction"). The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated Associated Estates shareholders (the "Class"). The named plaintiff is represented by Robbins Arroyo LLP.
The complaint alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading Proxy Statement with the U.S. Securities and Exchange Commission in violation of the Exchange Act. The omitted and/or misrepresented information is believed to be material to Associated Estates shareholders' ability to make an informed decision whether to approve the Proposed Transaction.
If you purchased or otherwise acquired Associated Estates stock on, or prior to, the April 22, 2015 announcement of the Proposed Transaction, and wish to serve as lead plaintiff, you must move the Court no later than sixty days from June 24, 2015. 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 [email protected]. 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.
SOURCE Robbins Arroyo LLP