According to the Complaint, Mitel is a global market leader in business communications powering more than two billion business connections.
On April 24, 2018, Mitel issued a press release to announce that it had signed a definitive arrangement agreement to be acquired by an investor group led by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”) in an all-cash transaction valued at approximately $2.0 billion, including Mitel’s net debt.
On June 8, 2018, Mitel filed a proxy statement (the "Proxy") with the SEC in connection with the Proposed Transaction. The Proxy solicits the Company’s shareholders to vote in favor of the Proposed Transaction. Defendants were obligated to carefully review the Proxy before it was filed with the SEC and disseminated to the Company’s shareholders to ensure that it did not contain any material misrepresentations or omissions. The Complaint alleges, however, that the Proxy misrepresents and/or omits material information that is necessary for the Company’s shareholders to cast an informed vote regarding Proposed Transaction, in violation of Sections 14(a) and 20(a) of the Exchange Act.
This case was voluntarily dismissed on July 3, 2018.