Bob Evans Farms Facing Securities Class Action

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Bob Evans Farms, Inc. and its board of directors are on the receiving end of a securities lawsuit that claims the defendants filed a misleading proxy statement in connection with a proposed merger between Bob Evans and Post Holdings, Inc. The complaint claims the proxy was missing material information concerning Bob Evans’ financial projections and details of the valuation analyses performed by its financial advisor. The plaintiff, a Bob Evans stockholder, believes the proposed transaction undervalues the company, noting that one of the top executives voted against the merger for this reason.

The suit further notes that the proxy statement falsely claimed “[n]o individual roles or compensation in the combined organization” had been decided despite a press release announcing the future position of Bob Evans’ current CEO.