Thursday that it's facing 14 lawsuits from investors who say the company misled them about its plans to be acquired by Dutch food delivery giant Just Eat Takeaway.
The investors alleged that Grubhub executives and board members failed to disclose key financial details and massive payouts that they stood to receive as part of the merger, and that they failed to secure the highest possible price for Grubhub's public shareholders, harming them financially as a result.
Ferreiro's lawsuit alleged that investors like himself — who would get roughly 0.67 share of Just Eat stock for each of their Grubhub shares regardless of either company's stock price when the merger closes — lack the information to determine whether they're getting a raw deal. "Grubhub insiders are the primary beneficiaries of the Proposed Transaction, not the Company's public stockholders," the lawsuit stated.His lawsuit asks the court to invalidate the proposed merger agreement and force Grubhub to seek the"highest possible price" for any sale.Subscribe to push notificationsSign up for the 10 Things Before the Opening Bell newsletter to get the scoop on what traders are talking about.
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