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CDK Global faces shareholder lawsuit over acquisition disclosures

The suit alleges that following the announcement of the sale, the defendants on April 22 filed a statement with the U.S. Securities and Exchange Commission that contained information that was “false and misleading.”

The suit alleges the statement left out several technical disclosure details such as line items used to calculate projections, future financial projections and reconciliations of all non-GAAP metrics to GAAP metrics.

The suit contends the omissions violated the Securities Exchange Act of 1934.

Hopkins seeks to block the acquisition and calls for the filing of a new solicitation statement and a declaration that the defendants violated the act. If the sale to Brookfield moves forward, the suit asks the court to award “rescissory damages.”

Neither CDK nor attorneys representing Hopkins responded to Automotive News’ requests for comment in time for publication.

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