A group of Lowrance shareholders have purportedly filed a class-action lawsuit in Oklahoma state court that seeks to prohibit the announced sale of Lowrance Electronics Inc. to Simrad Yachting AS. Lowrance and members of the company's board of directors have been named as defendants.
The lawsuit alleges that the Lowrance board breached its fiduciary duties by entering into the acquisition agreement with Simrad and its subsidiary, and by not making adequate disclosure in its SEC filings concerning the proposed acquisition. In an announcement, Lowrance said the company and defendants "believe the lawsuit is without merit and intend to vigorously defend against it."
