Investors in the energy-storage company Tesla is trying to buy for $218 million are suing to block the sale

\n\nShareholders of Maxwell Technologies have filed a lawsuit seeking to block the company;&#x0027s acquisition by Tesla.\nThe suit accuses Maxwell directors of acting in their own interests when a better offer price could have been received.\nClass-action lawsuits are common in mergers and acquisitions, with nearly all major deals encountering at least one suit.

;&#x0022And in proper fiduciary measures such as a special committee and market were undertaken only after Tesla had made several bids and had threatened to end its customer relationship with Maxwell should the Company not accept its offer to purchase it.;&#x0022\nThe suit also accuses Maxwell board members of seeking ;&#x0022significant and immediate benefits;&#x0022 for themselves.\nA Tesla representative declined to comment on the lawsuit.

So the guy who bought 0.0026% $MXWL at near its historical high and never sold when going down is suing 'on behalf' of the other 99.9974% who will profit from the Tesla acquisition? yeah, makes a solid case!

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Maxwell Investors sue to block Tesla acquisitionMaxwell makes components for electric batteries using a process that is significantly cheaper than those commonly used in the industry.
Source: CNBC - 🏆 12. / 72 Read more »