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Speedway Motorsports, Inc. (NYSE: TRK) Investor Lawsuit In Connection With Takeover Filed

  • Investors who purchased shares of Speedway Motorsports, Inc. (NYSE: TRK) may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Speedway Motorsports, Inc.
Security
NYSE: TRK

Case Name
Speedway Motorsports Deal Case
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the District of Delaware

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Summary

February 28, 2020 - The case was voluntarily dismissed.

August 28, 2019 - An investor, who in shares of Speedway Motorsports, Inc. (NYSE: TRK), filed a lawsuit against the acquisition of Speedway Motorsports, Inc.

On July 24, 2019, Speedway Motorsports, Inc. (NYSE: TRK) and Sonic Financial Corporation announced that they, along with a wholly owned acquisition subsidiary of Sonic Financial Corporation, have entered into a merger agreement for Sonic Financial Corporation’s subsidiary to acquire all of the outstanding shares of common stock of Speedway Motorsports, Inc for cash consideration of $19.75 per share. Sonic Financial Corporation, O. Bruton Smith, his family and related entities beneficially own, directly or indirectly, approximately 29 million shares of the Company, and control already over 71% of the voting power of Speedway Motorsports, Inc.

On August 16, 2019, Speedway Motorsports, Inc filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The plaintiff alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.