Recent Securities Litigations
On Deck Capital, Inc. (NYSE: ONDK)
According to the Complaint, On Deck Capital, Inc. offers a range of term loans and lines of credit customized for small business owners. The Company also offers bank clients a technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary.
This action stems from a proposed transaction announced on July 28, 2020, pursuant to which On Deck Capital, Inc. will be acquired by Enova International, Inc. On July 28, 2020, On Deck’s Board of Directors caused the Company to enter into an agreement and plan of merger with Enova. Pursuant to the terms of the Merger Agreement, On Deck’s stockholders will receive 0.092 shares of Parent common stock and $0.12 in cash for each share of On Deck common stock they own.
On August 25, 2020, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.