According to the Complaint, Barracuda Networks, Inc. designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that address security threats, improve network performance, and protect and store data. The Company’s solutions are delivered as cloud-enabled appliances and virtual appliances, as well as public cloud and Software-as-a-Service based solutions.

On November 27, 2017, Barracuda issued a press release announcing it had entered into an Agreement and Plan of Merger to sell Barracuda to Thoma Bravo for $27.55 in cash per Barracuda common share. The Proposed Transaction is valued at approximately $1.6 billion.

The Complaint alleges that the Defendants filed a materially incomplete and misleading Proxy Statement with the SEC and disseminated it to Barracuda’s stockholders, and that the Proxy Statement misrepresents or omits material information that is necessary for the Company’s stockholders to make an informed decision whether to vote their shares in favor of the Proposed Transaction or seek appraisal.

This case was voluntarily dismissed on April 2, 2018.