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SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Files Class Action Suit Against Sevcon, Inc.

/EIN News/ -- WILMINGTON, Del., Sept. 12, 2017 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:

Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Massachusetts on behalf of holders of Sevcon, Inc. (“Sevcon”) (Nasdaq:SEV) common stock in connection with the proposed acquisition of Sevcon by BorgWarner Inc. and its affiliates (together, “BorgWarner”) announced on July 17, 2017 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Sevcon, its Board of Directors (the “Board”), and BorgWarner, is captioned Scarantino v. Sevcon, Inc., Case No. 1:17-cv-11580 (D. Mass.).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/contact-us/

On July 14, 2017, Sevcon entered into an agreement and plan of merger (the “Merger Agreement”) with BorgWarner. Pursuant to the Merger Agreement, shareholders of Sevcon will receive $22.00 in cash for each share of Sevcon stock they own (the “Proposed Transaction”).

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a proxy statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission on August 8, 2017. The Complaint alleges that the Proxy Statement, which recommends that Sevcon stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to the analyses performed by Sevcon’s financial advisor and potential conflicts of interest. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Sevcon common stock. 

If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

CONTACT:

Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com

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