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The go well with alleges that following the announcement of the sale, the defendants on April 22 filed a press release with the U.S. Securities and Change Fee that contained info that was “false and deceptive.”
The go well with alleges the assertion ignored a number of technical disclosure particulars similar to line objects used to calculate projections, future monetary projections and reconciliations of all non-GAAP metrics to GAAP metrics.
The go well with contends the omissions violated the Securities Change Act of 1934.
Hopkins seeks to dam the acquisition and requires the submitting of a brand new solicitation assertion and a declaration that the defendants violated the act. If the sale to Brookfield strikes ahead, the go well with asks the court docket to award “rescissory damages.”
Neither CDK nor attorneys representing Hopkins responded to Automotive Information’ requests for remark in time for publication.
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