Casey's Accuses Couche-Tard Of Pump, Dump Scheme

Law360, New York (June 11, 2010, 2:23 PM EDT) -- Casey’s General Stores Inc. is fighting back against the $1.9 billion hostile takeover bid made by Alimentation Couche-Tard Inc., accusing the Canadian convenience store chain in a lawsuit of engaging in an “egregious market manipulation scheme” to deflate the price of Casey's.

Casey's says in a suit filed Friday in the U.S. District Court for the Southern District of Iowa that Couche-Tard announced its intent to acquire Casey's and then sold nearly 2 million shares of Casey's stock on the open market.

“Couche-Tard simultaneously: reaped millions...
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