Case Page

 

Case Status:    DISMISSED    
On or around 01/18/2012 (Notice of voluntarily dismissal)

Filing Date: January 05, 2012

According to a complaint filed on January 5, 2012, the defendants violated state fiduciary laws and federal securities laws in connection with a proposed merger and acquisition.

On December 3, 2011, the Company and the Bidder Company announced a definitive agreement whereby the Bidder Company would commence a tender offer for the all of the Company’s outstanding shares at a proposed consideration of $40.00 per share. Plaintiffs state that the tender offer represents a valuation of $3.4 billion for the Company.

The complaint claims that the proposed consideration undervalues the Company by inadequately recognizing the synergistic value that the merger with Bidder Company. Also, the plaintiffs allege that the officers and directors failed to shop the Company, never soliciting bids from third party companies, and certain individual defendants used the merger as an opportunity to position themselves in the post-merger company. Additionally, the complaint asserts that the defendants instituted deal protection devices, such as a $12.5 million termination fee.

Lastly, the plaintiffs assert that the defendants released false and misleading statements in its Recommendation Statement filed with the SEC.

On January 18, 2012, Pursuant to Rule 41 (a)(1)(A)(i) of the Federal Rules of Civil Procedure, the Plaintiff gave notice of his voluntary dismissal of his claims in this action without prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SFSF
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 12-CV-00076
JUDGE: Hon.Jeffrey S. White
DATE FILED: 01/05/2012
CLASS PERIOD START: 12/03/2011
CLASS PERIOD END: 12/31/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Wolf Haldenstein Adler Freeman & Herz LLP (San Diego)
    Symphony Towers; 750 B Street, Suite 2770, Wolf Haldenstein Adler Freeman & Herz LLP (San Diego), CA 92101
    619.239.4599 19.239.4599 ·
No Document Title Filing Date