Rigrodsky & Long, P.A. Files Class Action Against OPENLANE, Inc.

Rigrodsky & Long, P.A. Files Class Action Against OPENLANE, Inc.

Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in the Delaware Court of Chancery against the board of directors (the “Board”) of OPENLANE, Inc. (“OPENLANE” or the “Company”) (OTC Pink: OPNN) on behalf of its shareholders and is actively litigating claims concerning breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by KAR Auction Services, Inc. and its wholly-owned subsidiary, ADESA, Inc. (together, “KAR”) in an all cash transaction valued at approximately $210 million, plus an increase for some indeterminate amount of “excess cash” on OPENLANE’s balance sheet at closing, representing an amount, according to the Company, of “up to approximately $8.30 in cash, without interest, less any applicable withholding taxes” per share (the “Proposed Transaction”).  The case is styled as Treadway v. OPENLANE, Inc., C.A. No. 6849-VCN (Del. Ch.).

Plaintiff has alleged that the Proposed Transaction is the product of a flawed process that resulted from the Board’s failure to maximize shareholder value and deprived OPENLANE’s public shareholders of the ability to participate in the Company’s long-term prospects.  Furthermore, as alleged in the Complaint, compounding the unfairness of the Proposed Transaction is the Board’s attempt to obtain shareholder ratification of its conduct in connection with its approval of the Proposed Transaction through materially incomplete and misleading disclosures in OPENLANE’s Proxy Statement filed with the United States Securities and Exchange Commission (“SEC”) on Schedule DEFM14A on September 8, 2011.

If you own the common stock of OPENLANE and purchased your shares before August 15, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire, Brian D. Long, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, 19801, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, has extensive experience litigating securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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