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Case Status:    DISMISSED    
On or around 12/21/2012 (Notice of voluntarily dismissal)

Filing Date: June 08, 2012

According to the complaint, EasyLink is a global provider of communication applications that enable enterprises of all sizes to communicate securely and profitably with their customers, trading partners and other third parties. The Company delivers its cloud-based applications-as-a-service through a business integration network (BIN) comprised of enterprise-class platforms located in worldwide redundant and secure network operations centers. The Company operates in two segments: the On Demand Messaging segment (On Demand), which includes all electronic fax, e-mail, document capture and management (DCM), workflow and notifies services, and the Supply Chain Messaging segment (Supply Chain), which includes all of its EDI and telex services.

On May 1, 2012, Defendants announced that EasyLink and Open Text entered into a definitive merger agreement whereby each share of EasyLink common stock would be purchased for $7.25 in cash by Open Text.

On June 6, 2012, the Defendants issued a definitive proxy statement purporting to detail the process by which the Board, Open Text, and the Board’s financial advisor entered into the takeover agreement, as well as the assumptions the Board and its financial advisor made in determining that the takeover price of $7.25 is fair from a financial standpoint to EasyLink shareholders.

The complaint alleges that the definitive proxy statement falls far short of providing the necessary details that would enable Plaintiffs and EasyLink’s shareholders to decide whether to vote in favor of the takeover or seek appraisal rights. These missing details render the definitive proxy statement false and materially misleading and, more importantly, prevent Plaintiffs and EasyLink shareholders from intelligently and rationally deciding for themselves whether they approve of the takeover or desire to seek appraisal.

In June 29, 2012, the Court issued an Order that this action be administratively terminated pending a resolution of the proposed settlement of the state court litigation and determination of the scope of the release.

On December 21, 2012, Notice was filed that the parties stipulate to Plaintiffs' voluntary dismissal with prejudice following approval of the settlement in the state court litigation.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: ESIC
Company Market: NASDAQ
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. Georgia
DOCKET #: 12-CV-01981
JUDGE: Hon. Steve C Jones
DATE FILED: 06/08/2012
CLASS PERIOD START: 05/01/2012
CLASS PERIOD END: 06/08/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Atlanta)
    3424 Peachtree Road, NE, Suite 1650, Robbins Geller Rudman & Dowd LLP (Atlanta), GA 30326
    404.504.6500 404.504.6501 ·
  2. The Briscoe Law Firm, PLLC
    The Preston Commons, 8117 Preston Road, Suite 300, The Briscoe Law Firm, PLLC, TX 75255
    214.706.9314 214.706.9315 ·
No Document Title Filing Date