By Zach Lowe
We had a feeling the battle between Alimentation Couche-Tard and its hostile target, fellow convenience store operator Casey’s General Stores, was going to get nasty, but we didn’t think it was going to get this nasty this quickly. To wit: About two hours ago, Casey’s and its lawyers at Cravath, Swaine & Moore filed a blistering lawsuit against Couche-Tard, saying the Canadian owner of the Circle K chain executed a so-called “pump and dump” scheme with Casey’s stock designed to make millions in profits while at the same time torpedoing Casey’s share price at the exact moment Couche-Tard made its offer for Casey’s public.
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