On July 22, 2010, Securities Law360’s Julie Zeveloff reported that shareholders of Casey’s General Stores, Inc., filed a class action lawsuit in the U.S. District Court for the Southern District of Iowa against the company’s directors for not fully considering a takeover bid from Alimentation Couche-Tard, Inc. The suit was filed by Robbins Umeda LLP* and co-counsel on behalf of shareholders by the Kentucky State District Council of Carpenters Pension Trust Fund, who is the lead plaintiff in the suit.
The lawsuit accuses Casey’s directors of taking “disproportionate, draconian and preclusive defensive measures” to fend off Couche-Tard’s advances, also claiming that Casey’s board members breached their fiduciary duties by refusing to participate in good faith negotiations with Couche-Tard. The plaintiffs are seeking an order directing the board members to rescind or redeem the poison pill and an injunction barring them from putting their own interests above those of the shareholders.
Plaintiffs are represented by Robbins Umeda LLP, Wandro Baer & McCarthy PC, and Robbins Geller Rudman & Dowd LLP and the case is Kentucky State District Council of Carpenters Pension Trust Fund et al. v. Robert J. Myers et al., No. 10-cv-00332, (US Dist. Ct. S.D. Iowa).
* The firm name changed from Robbins Umeda LLP to Robbins LLP on January 1, 2013.