Monsanto says purported class action lawsuit related to merger 'without merit'
In a regulatory filing, Monsanto (MON) stated: "In connection with the merger agreement and the transactions contemplated thereby, a purported class action lawsuit, captioned Ken Gawrych, on behalf of himself and all others similarly situated, v. Monsanto Company et al., was filed on November 16, 2016 in the Circuit Court for St. Louis County, State of Missouri. The complaint asserts, among other things, that the defendant members of the Monsanto board of directors breached their fiduciary duties to shareowners by agreeing to a transaction that does not adequately reflect Monsanto's true value in order to obtain personal benefits they would not otherwise receive and by failing to disclose material information relating to the transaction, and that defendants Bayer, Morgan Stanley, Ducera and unidentified employees of Morgan Stanley and Ducera aided and abetted the breaches of fiduciary duties of the Monsanto board of directors. The complaint seeks, among other relief, to enjoin the consummation of the merger. Monsanto believes the claims asserted in the lawsuit are without merit." MON BAYRY