Case Page

 

Case Status:    DISMISSED    
On or around 09/28/2017 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: June 20, 2017

According to the Complaint, on June 5 2017, OpenText and the Company announced they had entered into an Agreement and Plan of Merger (“Merger Agreement”), by which OpenText, through its wholly owned subsidiary, Cypress Merger Sub, Inc., (“Merger Sub”), will acquire all of the outstanding shares of Covisint in a cash transaction in which Covisint stockholders will receive $2.45 in cash for each share of Covisint common stock (the “Proposed Transaction”). The Proposed Transaction has an equity value of approximately $103 million.

On June 15, 2017, Covisint filed a Preliminary Proxy Statement on a Schedule 14A (the “Proxy”) with the SEC. The Complaint alleges the Proxy is materially deficient and misleading because, it fails to disclose material information regarding the Company’s financial projections, GAAP reconciliation of the non-GAAP financial measures contained in the Company’s projections, which were prepared by Company management and relied upon by Evercore Group LLC (“Evercore”), the Company’s financial advisor, the financial analysis performed by Evercore to support its opinion on the fairness of the Proposed Transaction, and the background of the Proposed Transaction.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: COVS
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: E.D. Michigan
DOCKET #: 17-CV-11958
JUDGE: Hon. Robert H. Cleland
DATE FILED: 06/20/2017
CLASS PERIOD START: 06/05/2017
CLASS PERIOD END: 06/20/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
  2. Sommers Schwartz, PC
    2000 Town Center, Suite 900, Sommers Schwartz, PC, MI 480975
    248.355.0300 248.355.0300 ·
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