NEW YORK, June 6, 2023 /PRNewswire/ — The following statement is being issued by Levi & Korsinsky, LLP:
On December 20, 2019, a putative class and derivative lawsuit captioned Jacobs v. Meghji, C.A. No. 2019-1022-MTZ (the “Action”) was filed in the Court of Chancery of the State of Delaware (the “Court”), challenging a series of equity commitment transactions that Infrastructure & Energy Alternatives Inc. (“IEA”) had entered into in 2019. The Action named IEA’s Board of Directors, Oaktree Power Opportunities Fund III Delaware, L.P., and Ares Management Corp. as Defendants, with IEA as a Nominal Defendant.
On July 28, 2021, the parties in the Action reached a tentative settlement, which provided that IEA would enter into a series of recapitalization transactions to improve its capital structure. On July 28 and August 2, 2021, those contemplated recapitalization transactions were consummated (the “2021 Transactions”).
During the pendency of the Action, the Supreme Court of the State of Delaware rendered its decision in the matter of Brookfield Asset Management, Inc., et al. v. Martin Rosson, et al., 261 A.3d 1251 (Del. 2021) (“Brookfield“), which the parties believe eliminated the viability of the class claims in the Action.
On July 25, 2022, IEA and MasTec Inc. (“MasTec”) announced that they entered into a definitive agreement under which MasTec would acquire all of the outstanding shares of IEA in a cash-and-stock transaction valued at $14.00 per IEA share (the “Merger”). On October 7, 2022, IEA and MasTec announced that they had completed the Merger, following approval by the IEA stockholders at a special meeting held on October 7, 2022.
As a result of the Merger, MasTec became IEA’s sole stockholder and, as a result, the parties to the Action agreed that (i) plaintiff no longer had standing to assert derivative claims on behalf of IEA, (ii) the tentative settlement reached on July 28, 2021 was void, and (iii) the Action should be dismissed as moot.
After the…
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