Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Joy Global Inc. (JOY)

NEW YORK, Aug. 25, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Joy Global Inc. (“Joy Global” or the “Company”) (NYSE:JOY) in the United States District Court for the Eastern District of Wisconsin on behalf of current stock holders of Joy Global, seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that Joy Global and the members of its board of directors violated Section 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15.U.S.C. §§ 78n(a), 78t(a), and SEC Rule 14a-9, 17 C.F.R. 240.14a-9, in connection with the proposed merger between Joy Global and Komatsu America Corp. (“Komatsu”), the U.S.-based subsidiary of the Japanese multinational corporation Komatsu Ltd. (the “Proposed Merger”).  The Complaint further alleges that the merger consideration and the process by which Defendants propose to consummate the proposed merger are fundamentally unfair to Plaintiff and the other common shareholders of Joy Global.  Indeed, a senior research analyst covering Joy Global at Milwaukee-based Robert W. Baird & Co. Inc. has stated that “the value of the transaction, which boils down to $28.30 (per share), effectively does not extract as much value as there should be for Joy’s shareholders.  In our view, something closer to $40, frankly above $40, would accomplish that.”

If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.