Stockholder Demands Snyder’s Release Financial Information Before Merger Vote

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Snyder’s-Lance, Inc. and its board of directors are facing another proposed class action lawsuit in North Carolina that accuses the parties of filing a misleading proxy statement concerning the company’s potential merger with Campbell Soup Company.

“In particular,” the complaint reads, “the Proxy contains materially incomplete and misleading information concerning the financial projections for [Snyder’s] that were prepared by the Company and relied upon by the Board in recommending the Company's shareholders vote in favor of the Proposed Merger.”

The suit then adds that these projections heavily influenced the fairness opinion given by the company’s financial advisor and demands that the information be revealed to shareholders before they are required to vote on whether they support the transaction.