Spirit Realty Investor Suit Says Proxy Lacks Forecasts, Analysis

Spirit Realty Capital Inc. and its directors allegedly misled investors about a proposed buyout by Realty Income Corp., a shareholder complaint says.

The company and board allegedly filed a misleading proxy statement on Tuesday, failing to disclose financial forecasts for the two companies, as well as details underlying financial advisers’ analysis of the deal and potential conflicts of interest, according to the complaint filed the same day in US District Court for the Eastern District of Michigan.

Shareholders would receive 0.762 shares of Realty Income stock for each of their Spirit shares in the proposed $9.3 billion acquisition. ...