Argo Group Worldwide Holdings – purported shareholders of which have filed lawsuits and despatched demand letters in respect of the corporate’s merger cope with Brookfield Reinsurance – has described the claims as having no benefit.
In a US Securities and Trade Fee submitting, Argo famous: “On March 7, 2023, March 8, 2023, March 28, 2023, March 29, 2023, and April 1, 2023, complaints have been filed alleging, amongst different issues, that the proxy assertion [for the merger agreement] omitted materials info that rendered it incomplete or deceptive.
“The lawsuits, every filed by a purported shareholder of the corporate in a person capability and/or on behalf of all others equally located, have been filed in federal court docket… Because of the alleged omissions, a number of of the lawsuits search to carry the corporate and/or its administrators responsible for violating Sections 14(a) and/or 20(a) of the Securities Trade Act of 1934, as amended, in addition to Rule 14a-9 promulgated thereunder.”
In line with Argo, the reduction sought in a number of of the complaints contains enjoining the consummation of the merger until and till sure allegedly materials info is disclosed.
Equally, separate demand letters are alleging that the proxy assertion omitted materials info that rendered it false and deceptive or in any other case had disclosure deficiencies in violation of federal securities legal guidelines.
