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 & Securities Information
Defendant: SuccessFactors, Inc.
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: SFSF
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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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.
First Identified Complaint
Sanjay Israni, et al. v. SuccessFactors, Inc. , et al.