According to the complaint, after the Company's de-registration and the effective elimination of any trading market for the Common Stock, Defendants purchased shares of Common Stock through privately negotiated transactions. These transactions occurred when public shareholders called to inquire about the Company's operations and were met with a blanket refusal to provide any such information and, instead, an offer to buy the Common Stock at a discounted price.
The Company's prosperity provided an impetus for Defendants to work more diligently towards eliminating the minority interest in Xcelera rather than continue to await the slow pace of sales arising from disgruntled shareholders throwing in the towel. Thus, on or about December 17, 2010, defendant OFC Ltd. ("OFC"), a Maltese corporation under the control and domination of the Viks, commenced a tender offer (the "Tender Offer") to purchase the remaining minority shares of Common Stock for $0.25 per share. The Tender Offer materials, however, fail to disclose any information whatsoever concerning the current financial condition or operating results of Xcelera.
On November 2, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.
On March 14, 2013, the Court issued an Order granting defendants' motion to dismiss and denying the plaintiffs' motion for default judgment. On April 10, plaintiff filed Notice to appeal the above Order. Defendants filed Notice of their own cross-appeal on May 10.
On February 21, 2014, the Court of Appeals issued a Mandate affirming in part, vacating in part, and remanding the judgment of the District Court.
On October 9, 2014, the plaintiff filed an amended complaint.
The parties filed a Stipulation dismissing this case on May 12, 2015.