Habit Burger Stockholder Sues Over $375M Yum Brands Buy

Law360 (February 12, 2020, 8:13 PM EST) -- A shareholder has sued The Habit Burger Grill following a recent announcement that Yum Brands will buy the fast-casual restaurant chain for $375 million, saying the transaction should be halted because Habit omitted material information in a U.S. Securities and Exchange Commission filing.

Edward Smith, who owns stock in the burger chain's parent, The Habit Restaurants Inc., filed his proposed class action in Delaware federal court Tuesday, claiming the Feb. 4 merger proxy statement filed with the SEC failed to disclose essential information about the transaction, including recommendations regarding the deal made by the board of directors, the opinion of the company's financial adviser, and...

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