June 24, 2015 (San Diego, CA & Richmond Heights, OH) Shareholder rights law firm Robbins LLP announces that it filed a class action and derivative lawsuit on June 23, 2015, in the U.S. District Court for the Northern District of Ohio, Eastern Division (the “Court”) on behalf of the shareholders of Associated Estates Realty Corporation (“Associated Estates”) (NYSE, NASDAQ: AEC) against Associated Estates and its Board of Directors (the “Board”) for, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities and Exchange Commission Rule 14a-9 promulgated thereunder.
Associated Estates Is Accused of Disseminating a False and Misleading Proxy Statement
The complaint arises out of an April 22, 2015 press release announcing that Associated Estates had entered into a definitive merger agreement with Brookfield Asset Management, Inc. (“Brookfield”) pursuant to which Associate Estates’ Board agreed to sell Associated Estates to Brookfield for $28.75 in cash per Associate Estate share (the “Proposed Transaction”). The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated Associated Estates shareholders (the “Class”). The named plaintiff is represented by Robbins LLP.
The complaint alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading Proxy Statement with the U.S. Securities and Exchange Commission in violation of the Exchange Act. The omitted and/or misrepresented information is believed to be material to Associated Estates shareholders’ ability to make an informed decision whether to approve the Proposed Transaction.
If you purchased or otherwise acquired Associated Estates stock on, or prior to, the April 22, 2015 announcement of the Proposed Transaction, and wish to serve as lead plaintiff, you must move the Court no later than sixty days from June 24, 2015.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact attorney Darnell R. Donahue of Robbins LLP at 800-350-6003, or you can complete the form below and we will contact you directly.