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Archstone-Smith Trust (NYSE: ASN) Investor Securities Class Action Lawsuit 05/30/2007

  • If you purchased shares of Archstone-Smith Trust (NYSE: ASN), you might have certain options and should contact the Shareholders Foundation, Inc

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Lawsuit Overview

Case Dismissed
Company
Archstone-Smith Trust
Security
NYSE: ASN

Case Name
Archstone-Smith Trust Shareholder Class Action Lawsuit 05/30/2007
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Colorado

Class Period Begin
Class Period End
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Summary

October 20, 2008 - Parties filed a stipulation of dismissal with prejudice.
July 26, 2007 - The plaintiff filed an amended complaint.

May 30, 2007 - An investor in shares of Archstone-Smith Trust (NYSE: ASN) filed a lawsuit in the U.S. District Court for the District of Colorado against Archstone-Smith Trust over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made by the defendants.

The complaint alleges that the defendants have: (i) violated their fiduciary duties owed to the public shareholders of Archstone-Smith Trust; and (ii) issued a false and misleading proxy statement with the U.S. Securities and Exchange Commission concerning the merger agreement among defendant Archstone-Smith Trust, and non-defendants Tishman Speyer and Lehman Brothers (including its Private Equity group) (collectively, the “Partnership”), to take Archstone-Smith Trust private by purchasing all of its outstanding shares in exchange for $60.75 per share (the “Agreement”).
As a result of the dissemination of the false and misleading statements in the proxy statement concerning the Agreement as set forth above, the market price of Archstone-Smith Trust has been artificially capped, and Archstone-Smith Trust shareholders have been deprived of certain material information concerning the negotiation of the Agreement and the adequacy of the consideration to be provided by the Agreement.