Recent Securities Litigations
Central European Media Enterprises Ltd. (NASDAQ: CETV)
This action stems from a proposed transaction announced on October 27, 2019, pursuant to which Central European Media Enterprises Ltd. will be acquired by affiliates of PPF Group N.V.
On October 27, 2019, Central European Media’s Board of Directors caused the Company to enter into an agreement and plan of merger with TV Bidco B.V. (“Parent”) and TV Bermuda Ltd. (“Merger Sub,” and together with Parent, “TV”). Pursuant to the terms of the Merger Agreement, Central European Media’s stockholders will receive $4.58 in cash for each share of Central European Media common stock they own.
On January 10, 2020, defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction, which scheduled a stockholder vote on the Proposed Transaction for February 27, 2020. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.