Business

Lawsuits against Rockwell Collins acquisition dismissed

The suits had sought an injunction against the deal

Rockwell Collins headquarters in Cedar Rapids on Thursday, Dec. 1, 2016. (Liz Martin/The Gazette)
Rockwell Collins headquarters in Cedar Rapids on Thursday, Dec. 1, 2016. (Liz Martin/The Gazette)

CEDAR RAPIDS — Seven lawsuits filed against the planned acquisition of Rockwell Collins all have been dismissed as of last week.

Six of the suits, filed in federal District Court, voluntarily were dismissed by plaintiffs last Thursday and Friday, court filings show. A seventh suit, filed in Iowa District Court, was dismissed at the end of December.

The suits had all contained similar complaints from plaintiffs who said they were shareholders in Rockwell Collins. The complaints had claimed Rockwell, its executives and board members submitted misleading statements or had failed to provide relevant information to shareholders in federal filings about the acquisition.

Without that information, the suits said, shareholders could not appropriately vote on whether to approve Rockwell’s acquisition by United Technologies Corp.

The suits had sought class-action status and had asked a judge to stop the acquisition from moving forward. Reasons for the dismissals were not provided.

In response to the suits, Rockwell filed additional information about the deal on Dec. 29. The company said it didn’t believe the additional disclosures were necessary, but did so “to moot plaintiffs’ purported disclosure claims and minimize the burden and expense of defending” against the suits.

A Rockwell spokesman said Monday the company did not have a comment on the lawsuit dismissals. An attorney for five of the federal suits did not immediately respond to an email Monday morning.

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Rockwell shareholders approved the deal during a Jan. 11 meeting.

UTC and Rockwell still require regulatory approvals from a number of countries for the deal, but it is expected to close later this year.

l Comments: (319) 398-8366; matthew.patane@thegazette.com

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