Brocade Communications Systems Inc. Securities Litigation
On or around 01/04/2018 (Other)
Filing Date: December 12, 2016
According to the Complaint, on November 2, 2016, Brocade announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which a wholly owned subsidiary of Broadcom will merge with and into the Brocade, with Brocade continuing as the surviving corporation and as a wholly owned subsidiary of Broadcom (the “Proposed Transaction”). Pursuant to the terms of the Merger Agreement, Brocade shareholders will receive $12.75 in cash for each Brocade share they own (the “Merger Consideration”).
The Complaint alleges the Merger Consideration is insufficient and undervalues the Company and is the result of a flawed sales process.
On April 14, 2017, the Court issued an order Consolidating Cases and appointing Lead Plaintiff and Counsel. The Consolidated Cases are to be identified as "In re Brocade Communications Systems, Inc. Securities Litigation."
This case was voluntarily dismissed by Lead Plaintiff on December 29, 2017.
Company & Securities Information
Defendant: Brocade Communications Systems Inc.
Industry: Computer Storage Devices
Headquarters: United States
Ticker Symbol: BRCD
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.
First Identified Complaint
Chaile Steinberg, et al. v. Brocade Communications Systems Inc., et al.