Financial Engines Inc., in response to putative securities class-action complaints filed against the company, said that the claims asserted in the lawsuits and the motion for a preliminary injunction are without merit.
Financial Engines also made supplemental disclosures related to its merger agreement with Edelman Financial LP in order to avoid delays that may adversely affect the consummation of the merger, and to minimize the expense of defending such actions.
Monteverde & Associates PC had filed a class-action lawsuit on behalf of public common unit holders of Financial Engines in connection with the merger.
The law firm had claimed that Financial Engines violated portions of the Securities Exchange Act. The company's board provided misleading and incomplete information related to the proposed deal, particularly the financial projections for Financial Engines and the valuation analyses performed by its financial adviser, Sandler O'Neill & Partners LP, among other things.