Diebold wins dismissal of securities complaint relating to merger with Wincor Nixdorf
Clients Diebold Nixdorf, Inc.
Jones Day obtained a court order dismissing the complaint in a federal securities class action against Diebold Nixdorf, Inc. and certain of its former officers and directors. The plaintiffs claimed that the defendants made misleadingly optimistic statements about Diebold's 2016 merger with Wincor Nixdorf AG and the progress of the integration of the two companies. After Diebold announced disappointing financial results and challenges in the integration process, the company's stock price declined and the plaintiffs filed suit. The court concluded, in an opinion granting the defendants' motion to dismiss, that the complaint did not adequately allege either falsity or scienter as to the defendants' alleged misstatements.
In re Diebold Nixdorf, Inc. Securities Litigation, No. 1-19-cv-06180 (S.D.N.Y.)