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Casino Owner’s Board Can’t Cast off Investor’s Disclosure Suit

Dec. 27, 2017, 9:32 PM

Directors of casino operator Twin River Worldwide Holdings Inc. must defend a shareholder lawsuit claiming they misled investors during a stock buyback in late 2016.

Shareholder Chatham Asset Management LLC alleged that Twin River’s offer to purchase was misleading because it gave the impression that the buyback was to return cash to shareholders, and that the directors “may” sell their shares from “time to time” after the tender offer closed. In fact, the shareholder said, the true intent of the directors was to use the tender offer to cash in their stock at a higher price.

The Delaware Chancery Court ...

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