Three ACV Auctions stockholders—William Ballard, Christopher Scott and Alan Barth—filed separate lawsuits against the company and its board of directors. The suits, disclosed in a regulatory filing, seek to block the proposed $1.9 billion acquisition by Copart.
The complaints allege that disclosures related to the transaction contained deficient or misleading information and ask the court to stop the deal from closing.
The lawsuits follow the deal announcement in September, which prompted several law firms to investigate whether the board breached its fiduciary duties by failing to secure a fair price for shareholders. ACV said in its filing that it believes the allegations are without merit.