According to the complaint, the Proxy and Proxy Supplement omitted and/or misrepresented material information about Silver Bay's intrinsic value. Specifically, the Proxy and Proxy Supplement omitted an internal calculation of Silver Bay's net asset value ("NAV"). This omission was particularly material because NAV is the benchmark metric used to value REITs, and Silver Bay's internal NAV was likely much higher than the unfair merger price of $21.50 per share. This omission rendered statements in the Proxy and Proxy Supplement false and/or misleading in violation of §§14(a) and 20(a) of the 1934 Act.Plaintiff seeks damages and other relief on behalf of former holders of Silver Bay stock as of May 5, 2017. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. Robbins Geller is widely recognized as the leading law firm advising and representing U.S. and international investors in securities litigation and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For the third consecutive year, the Firm ranked first in both the total amount recovered for investors and the number of securities class action recoveries in ISS's SCAS Top 50 Report. Robbins Geller attorneys have shaped the law in the areas of securities litigation and shareholder rights and have recovered tens of billions of dollars on behalf of the Firm's clients. Robbins Geller not only secures recoveries for defrauded investors, it also implements significant corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit rgrdlaw.com for more information. https://www.linkedin.com/company/rgrdlaw https://twitter.com/rgrdlaw https://www.facebook.com/rgrdlaw https://plus.google.com/+Rgrdlaw/posts
Robbins Geller Rudman & Dowd LLP ("Robbins Geller") today announced that a class action has been commenced on behalf of former stockholders of Silver Bay Realty Trust Corporation ("Silver Bay") (NYSE:SBY) who held stock as of May 5, 2017, in connection with the acquisition of Silver Bay by Tricon Capital Group Inc. ("Tricon") (the "Acquisition"). This action was filed in the United States District Court for the District of Minnesota and is captioned Schwartz v. Silver Bay Realty Trust Corporation, et al., No. 17-1571. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint charges Silver Bay, its Board of Directors (the "Board"), Tricon and TAH Acquisition Holdings LLC ("TAH") with violations of the Securities Exchange Act of 1934 ("1934 Act"). Silver Bay was a publicly traded REIT that focused primarily on the acquisition, renovation, leasing and management of single-family properties in several markets in the United States. On May 5, 2017, Silver Bay shareholders approved the Acquisition and it closed on May 9, 2017. On February 27, 2017, Silver Bay and Tricon announced they had entered into a definitive merger agreement under which Silver Bay would be acquired by Tricon for $21.50 in cash for each share of Silver Bay common stock held. The complaint alleges that in an attempt to encourage and obtain shareholder support for the Acquisition, defendants filed and disseminated to shareholders a materially false and misleading Preliminary Proxy Statement on Schedule 14A on March 17, 2017, a materially false and misleading Definitive Proxy Statement on Schedule 14A on March 28, 2017 (collectively the "Proxy"), and a materially false and misleading Form 8-K (the "Proxy Supplement") on April 24, 2017.