Market Overview

Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit Against Inventure Foods, Inc.

Share:

NEW YORK, Dec. 11, 2017 /PRNewswire-USNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the District of Arizona, case no. 2:17-cv-04256, on behalf of shareholders of Inventure Foods, Inc. ("Inventure Foods" or the "Company") (NASDAQ: SNAK) who held Inventure Foods common stock and have been harmed by Inventure Foods' and its board of directors' (the "Board") alleged violations of Sections 14(e), 14(d)(4), and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and SEC Rule 14d-9 in connection with the proposed acquisition of the Company by Heron Sub, Inc., a direct and wholly-owned subsidiary of Utz Quality Foods, LLC (collectively, "Utz").

Faruqi & Faruqi, LLP. (PRNewsfoto/Faruqi & Faruqi, LLP)

On October 26, 2017, the Company announced that it had entered into an agreement and plan of merger with Utz, by which Utz will acquire all outstanding shares of Inventure Foods common stock through an all-cash tender offer (the "Tender Offer").  The Tender Offer commenced on November 15, 2017 and is set to expire on December 13, 2017.

If you wish to obtain information concerning this action, you can do so by clicking here: www.faruqilaw.com/SNAKnotice.  

Pursuant to the terms of the Purchase Agreement, which was unanimously approved by the Board, Inventure Foods shareholders stand to receive $4.00 per share in cash for each share they own. The complaint claims that this offer is inadequate given Inventure Foods' recent financial performance and strong growth prospects and alleges that the Schedule 14D-9 (the "14D-9") provides materially incomplete and misleading information concerning Inventure Foods' financial projections and the valuation analyses performed by the Company's financial advisor, in violation of Sections 14(e), 14(d)(4), and 20(a) of the Exchange Act.

Take Action

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, and Pennsylvania.

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today.  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
Tel.: (212) 983-9330
Fax: (212) 983-9331
E-mail: nfaruqi@faruqilaw.com  
            jwilson@faruqilaw.com

 

SOURCE Faruqi & Faruqi, LLP

View Comments and Join the Discussion!