No doubt those frivolous CASs are slowing down the buyout process.
Recall earlier CAS was on yongye executives cooking the numbers in P&L:
6/3/2011 7:03 PM ET
Yongye International, Inc. (YONG: Quote) is subject of a securities fraud class action lawsuit, the Rosen Law Firm, P.A. said Friday. The complaint alleges that Yongye's financial results were inconsistent with the company's ability to produce the tonnage reported as shipments of sales.
The complaint further alleges that Yongye's reported financial statements were grossly inflated by including revenue it had not earned.
The lawsuit was filed on behalf of investors who purchased the common stock of Yongye during the period from August 11, 2010 through May 18, 2011, inclusive. The suit is seeking to recover investors' damages from violations of federal securities laws.
FCOL, why nickle and dime with Class Action suits that would bring a truckload of money only to the lawyers and little to shareholders? If you are so darn sure of the $20 valuation of yong, start buying up call options or on margin. You'll corner the upside all for yourself with the insiders. No sense spreading the dough to every jack and jill in this message board.
The longest span of the process is to reach agreement. Once done, it requires proxy vote, 2 months typical, followed by the shareholder meeting to announce vote and cash to shareholders within 3 months after agreement.