Andrews & Springer LLC filed a shareholder class action against Excel Trust, Inc. (“Excel Trust) on behalf of shareholders against Excel Trust and members of the Board of Directors in the Circuit Court for Baltimore City, case number 24C15002142.
The complaint alleges that Excel Trust’s Board of Directors breached their fiduciary duties by entering into a merger agreement to sell all of Excel’s outstanding shares to Blackstone Property Partners, L.P. The merger provided inadequate value to Excel Trust shareholders, granted exclusive benefits to the Company’s executive officers and directors at the stockholders’ expense, and was negotiated and voted on by the same executive officers despite serious conflicts of interest.
Please click here for a copy of the Amended Complaint.