Lowrance Sued for Purchase by Simrad Yachting
Lowrance has announced they are being sued in a stockholder class action lawsuit on Oklahoma state court. The lawsuit seeks to enjoin the proposed acquisition of Lowrance by Simrad Yachting (who was not included as a defendant.
The lawsuit contends the Board breached fiduciary duties by entering into the acquisition agreement with Simrad and its subsidiary and by not making adequate disclosure in its SEC filings concerning the proposed acquisition.
Individual Lowrance directors named as defendants don’t think the lawsuit has merit and intent to defend their action. Additionally, Garmin has denied rumors they bid on Lowrance.