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Case Page

 

Case Status:    DISMISSED  
—On or around 12/29/2017 (Notice of voluntarily dismissal)
Current/Last Presiding Judge:  
Hon. Edward M. Chen

Filing Date: December 12, 2016

Brocade Communications Systems Inc. ("Brocade") is an American technology company specializing in storage networking products.

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. 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.

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