Paul Berger Files Lawsuit against Swisher Hygiene Inc. and Ecolab Inc
Sep 10 15
On September 8, 2015, a lawsuit seeking to be certified as a class action was filed against Swisher Hygiene Inc., the members of the Swisher board of directors, individually, and Ecolab Inc. (“Ecolab”) in connection with the proposed sale of all of the assets primarily used in its chemical service, wholesale and hygiene businesses (in each case outside of Canada) to Ecolab pursuant to the purchase agreement by and between Swisher and Ecolab dated August 12, 2015. It refers to the transaction contemplated by the purchase agreement as the sale transaction. On September 8, 2015, a lawsuit seeking to be certified as a class action was filed in the Circuit Court of Cook County, Illinois County Department, Chancery Division (the “Court”) by Paul Berger, on behalf of himself and all others similarly situated, against Swisher, the members of the Swisher board of directors, individually, and Ecolab. The plaintiff has alleged that (i) faced with an ongoing investigation by the Securities and Exchange Commission and the Attorney General’s Office, the individual defendants embarked upon a self-interested scheme to sell off Swisher’s assets and to liquidate Swisher, (ii) the individual defendants, through an alleged insufficient process, caused Swisher to agree to sell substantially all of its assets for insufficient consideration, (iii) each member of the Swisher board of directors is interested in the sale transaction and the plan of dissolution, and (iv) the proxy statement was materially misleading and/or incomplete. The causes of action set in the complaint are (i) a claim for breaches of the fiduciary duties of good faith, loyalty, fair dealing and due care, (ii) a claim for failure to disclose, and (iii) a claim for aiding and abetting breaches of fiduciary duty. The plaintiff primarily seeks to enjoin the consummation of the sale transaction unless and until defendants provide all material facts in the proxy statement, and the plaintiff also seeks compensatory and/or rescissory damages as allowed by law for the plaintiff. This summary is qualified by reference to the full text of the class action complaint as filed with the Court (Paul Berger v. Swisher Hygiene Inc., et al., Case No. 2015 CH 13325 (Ill. Cir. Ct. Cook Co.)).
Ecolab Inc. Declares Regular Quarterly Cash Dividend, Payable on Oct. 15, 2015
Aug 6 15
The board of directors of Ecolab Inc. declared a regular quarterly cash dividend of $0.33 per common share, to be paid Oct. 15, 2015, to shareholders of record at the close of business on Sept. 15, 2015.
Ecolab Inc. Presents at Jefferies 11th Annual Industrials Conference, Aug-11-2015 08:40 AM
Jul 31 15
Ecolab Inc. Presents at Jefferies 11th Annual Industrials Conference, Aug-11-2015 08:40 AM. Venue: Grand Hyatt, 109 E. 42nd Street, New York, New York, United States. Speakers: Thomas W. R. Handley, President and Chief Operating Officer.