WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Eastern District of Washington on behalf of holders of Key Technology, Inc. (“Key Technology”) (NASDAQ GM: KTEC) common stock in connection with the proposed acquisition of Key Technology by Duravant LLC and its affiliate (“Duravant”) announced on January 25, 2018 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Key Technology, its Board of Directors (the “Board”), and Duravant, is captioned Franchi v. Key Technology, Inc., Case No. 4:18-cv-5027 (E.D. Wash.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at http://rigrodskylong.com/contact-us/.
On January 25, 2018, Key Technology entered into an agreement and plan of merger (the “Merger Agreement”) with Duravant. Pursuant to the terms of the Merger Agreement, shareholders of Key Technology will receive $26.75 in cash for each share of Key Technology they own (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Solicitation/Recommendation Statement (the “Solicitation Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Solicitation Statement omits material information with respect to, among other things, Key Technology’s financial projections, the analyses performed by Key Technology’s financial advisor, and potential conflicts of interest. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Key Technology common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than April 19, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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Source: Rigrodsky & Long, P.A.