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SPB.US
id: 295
On September 15, 2022, The Justice Department filed an antitrust lawsuit challenging a planned $4.3 billion deal in which leading lock maker Assa Abloy AB is seeking to acquire Spectrum Brands Holdings.
- The DOJ stated that "an offer by Assa Abloy and Spectrum Brands to divest assets to obtain antitrust clearance was inadequate. The proposed asset sales aren’t sufficient to preserve competition in the industry."
- At the same time, Spectrum responded that it will vigorously oppose the DOJ's baseless attempt to block the Company’s sale.
On this news, the stock price of SPB dropped more than 16% and the Company lost about $390 million of its capitalization, seriously damaging investors.
It is impossible yet to unequivocally say who is right in this dispute, but it can be said for sure that either the Companies or the Authority caused significant damage to the shareholders of the Companies by their actions or omissions.
Case Status
Attorney Investigation
Alleged Offence
Mismanagement,
Misleading Statements,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions,
Other
Suspected Party
Directors,
Management,
Shareholder,
Government Authority,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
15 September 2022