WILMINGTON, Del., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of On Deck Capital, Inc. (“On Deck” or the “Company”) (NYSE: ONDK) common stock in connection with the proposed acquisition of On Deck by Enova International, Inc. (“Enova”) and Energy Merger Sub, Inc. (“Merger Sub”) announced on July 28, 2020 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against On Deck, its Board of Directors (the “Board”), Enova, and Merger Sub, is captioned Sabatini v. On Deck Capital, Inc., Case No. 1:20-cv-01166 (D. Del.).
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On July 28, 2020, On Deck entered into an agreement and plan of merger (the “Merger Agreement”) with Enova and Merger Sub. Pursuant to the terms of the Merger Agreement, On Deck’s shareholders will receive 0.092 of a share of Enova and $0.12 in cash per share (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Registration Statement omits material information with respect to, among other things, the Company’s and Enova’s financial projections and the analyses performed by On Deck’s financial advisor. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of On Deck common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than November 20, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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