Consol Energy (CEIX) said in a filing Friday it has amended a registration statement, including a joint proxy statement and prospectus, related to its merger with Arch Resources after shareholder lawsuits.
The companies originally filed the registration statement after entering the merger agreement. It was declared effective on Nov. 26. However, three lawsuits challenging the merger were filed, along with demand letters from stockholders of both companies. Those complaints alleged that the joint proxy statement and prospectus contained "false and misleading statements and/or omissions, and demand that the parties issue corrective disclosures."
While Consol and Arch believe these claims are unfounded, they agreed to voluntarily update the registration statement with additional details to avoid delays or risks to the merger, according to the filing.
"Consol and Arch deny that they have violated any laws or breached any duties to Consol's stockholders or Arch's stockholders, as applicable," the companies said.
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