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Two Sotheby's shareholders have filed similar lawsuits against the auction house and 14 of its executives for a proposed buyout of the company by French media mogul Patrick Drahey for $ 3.7 billion. The plaintiffs, Shiva Stein and Eile Govna, claimed that the proxy statement provided by the company Recently queried about the number of shareholders "containing incomplete and misleading information", wondered how the merger would take place in the shares of the company, according to the cases filed July 17 and 19, respectively, at the US District Court of the Southern District in New York.
The new lawsuit was filed yesterday in a US district court in Delaware, where former CEO Ted Smith, chairman, Domenico de Sol, vice chairman, Bergerin Andrew Morni Cavendish, and many members of the board of directors. .
Kent said that Sotheby's latest statement, which provides information to shareholders, presented to the Securities and Exchange Commission on July 12, "omits important information" and "misleading and misleading".
"Given that the vast majority of publicly traded mergers of more than $ 100 million are the subject of litigation with shareholders, litigation is predictable and systematic. not that the adjustments have an impact on the timing of the target closing, "said Sotheby's in a statement. For the fourth quarter of this year. "
Kent said in the lawsuit that he was seeking to institute clbad action because "suing the court in separate trials by individuals would create a risk of fuzzy proceedings," pointing out that about 47 million of the "lawsuits" involved in the lawsuit were in the process. Outstanding shares belonged to hundreds of Sotheby's common shares, not thousands of individuals and entities deployed throughout the country, "he said. prevent Sotheby and its executives from "tracking, finalizing or closing the proposed transaction, and publishing a statement containing no false facts of material truth" including attorney's fees and experts.
The French businessman and billionaire Patrick Darehe, head of the Altice communications and media group, bought the historic Sotheby's Art Auction House as part of a $ 3.7 billion contract based about the value of society.
The transaction was signed by Sotheby's and the US company BEDFER USA, under which Sotheby's will return to the private sector after trading its shares for 31 years on the New York Stock Exchange. A 61% increase over Sotheby's closing price last Friday.
Sotheby's was founded in London in 1744, expanded in the 20th century abroad and moved to New York City in 1955, Asia and France in 2001. Famous items sold by Sotheby's include collections of the late Duke of Windsor, the personal collection of Andy Warhol and Edvard Munch "The Scream" in 2012.
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