NEW YORK, Jan. 8, 2018 /PRNewswire/ -- WeissLaw LLP
announced that a class action was commenced in the United States District Court for the
Southern District of New York on
behalf of shareholders of Time, Inc. ("Time") (NYSE: TIME) seeking
to pursue remedies under the Securities Exchange Act of 1934 (the
"Exchange Act") in connection with the proposed acquisition of Time
by Meredith Corporation ("Meredith") (NYSE: MDP).
On November 26, 2017, Time and
Meredith announced that they had entered into a definitive
agreement pursuant to which Meredith will acquire all outstanding
shares of Time in a cash transaction valued at approximately
$2.8 billion ("Proposed
Transaction"). Under the terms of the agreement, Time shareholders
will receive $18.50 in cash for each
share held.
The complaint seeks injunctive relief on behalf of the named
plaintiff and all Time shareholders. The plaintiff is represented
by WeissLaw, which has expertise in prosecuting investor class
actions and extensive experience in actions involving financial
fraud. The complaint further alleges that in an attempt to secure
shareholder approval for the merger, the defendants filed a
materially false and/or misleading Solicitation/Recommendation
Statement with the SEC in violation of the Exchange Act. The
omitted and/or misrepresented information is believed to be
material to Time shareholders' ability to make an informed decision
whether to tender their shares in support of the Proposed
Transaction.
If you wish to serve as lead plaintiff, you must move the
Court no later than sixty (60) days from today. If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests, please contact plaintiff's counsel,
Joshua M. Rubin of WeissLaw
at 888.593.4771, or by e-mail at
stockinfo@weisslawllp.com. 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.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients and obtained important corporate governance relief in many
of these cases. If you have information or would like legal advice
concerning possible corporate wrongdoing please email us at
stockinfo@weisslawllp.com.
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SOURCE WeissLaw LLP