Valassis complained at the end of ADVO merger
The complaint alleges that ADVO “intentionally”, which Valassis “objectively false financial information” and “selected key information” at a time when revenue was considerably off prognosis. The complaint further alleges that ADVO executives knew, but did not disclose significant internal control weaknesses within the company ADVO’s Order-to-cash system, noted the press release.
In a regulatory submission, Valassis also claims that ADVO is in violation of certain sections of the 5th July merger agreement, the right to terminate Valassis of the Covenant. “ADVO left, we have no other choice,” said Valassis Chairman, President and CEO Alan Schultz, in a statement. “The information we received was erroneous, projections were grossly inaccurate and we believe we have been victims of fraud,” he added.
However, ADVO Valassis officials rejected “, based on the new Deal, and identified the appeal” unfounded and without merit, “said a statement. ADVO has come in its report that “Valassis’ action is a smokescreen to hide that Valassis is suffering from an extreme case of buyer” regret “. The company stresses that both before and after, he s ‘calls for fusion, and “take steps to implement that agreement and vigorously defend” against the claims.
Requests that Valassis and ADVO CFO.com were not immediately returned.
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