NEW YORK, Sept. 27, 2017 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the District of Delaware, case No. 1:17-cv-01279, on behalf of shareholders of HSN, Inc. ("HSN" or the "Company") (NASDAQ: HSNI) who have been harmed by HSN'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") in connection with the proposed merger of the Company with affiliates of Liberty Interactive Corporation ("Liberty").
On July 5, 2017, the Board caused the Company to enter into an Agreement and Plan of Merger (the "Proposed Transaction") under which HSN's shareholders will stand to receive 1.650 shares of Liberty's Series A QVC Group common stock for each share of HSN stock they own (the "Merger Consideration"). Based on the closing price on September 26, 2017, the Merger Consideration represents an implied value of approximately $39.67 per share.
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/HSNInotice.
The complaint alleges that the Form S-4 Registration/Joint Proxy Statement (the "S-4") filed with the Securities and Exchange Commission ("SEC") on August 31, 2017, violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company's financial projections and analysis, on which the Board relied to recommend the Proposed Transaction as fair to HSN shareholders.
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, Georgia, and Pennsylvania.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from the date of this notice. 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
Telephone: (877) 247-4292 or (212) 983-9330
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SOURCE Faruqi & Faruqi, LLP