NEW YORK, Aug. 7, 2018 /PRNewswire/ -- Notice is hereby given that Monteverde & Associates PC has filed a class action lawsuit in the United States District Court for the District of Delaware, Case No.1:18-cv-01052-UNA, on behalf of shareholders of Tenneco Inc. ("Tenneco" or the "Company") (TEN) who have been harmed by Tenneco's and its board of directors' alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 in connection with the Company's proposed acquisition of Federal-Mogul LLC ("Federal-Mogul") (the "Transaction").
Pursuant to the Membership Interest Purchase Agreement Tenneco entered into with Federal-Mogul, American Entertainment Properties Corp. ("AEP"), and Icahn Enterprises L.P. ("IEP"), Tenneco has agreed to pay AEP $800 million in cash (subject to increase if Tenneco undertakes a primary offering of common stock prior to the closing of the Transaction) and issue and deliver to AEP an aggregate of 29,444,846 shares of Tenneco common stock (subject to reduction if Tenneco undertakes a primary offering of Common Stock prior to the closing of the Transaction) in order to acquire Federal-Mogul. The complaint alleges that the proxy statement regarding the Transaction fails to disclose material facts concerning the Transaction, thereby preventing shareholders from casting an informed vote for or against the Transaction. Specifically, the complaint alleges that the proxy statement omits and/or misrepresents material information concerning, among other things, certain financial projections related to the Transaction and the valuation analyses performed by Tenneco's financial advisor Barclays Capital Inc.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Click here for more information: https://monteverdelaw.com/case/tenneco. It is free and there is no cost or obligation to you.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave, Suite 4405
New York, NY 10118
United States of America
Tel: (212) 971-1341
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