The Ultimate Software Group, Inc. Securities Litigation
On or around 05/09/2019 (Notice of voluntarily dismissal)
Filing Date: March 14, 2019
According to the Complaint, Ultimate Software provides, develops and sells cloud-based human capital management (“HCM”) solutions to enterprise companies, mid-market companies, and companies in the strategic market in the United States, Canada, Europe, the Asia Pacific, and internationally. Its UltiPro software solution delivers the functionality businesses need to manage the employee life cycle from recruitment to retirement.
On February 4, 2019, Defendants announced that the Board caused the Company to enter into an agreement and plan of merger (“Merger Agreement”), pursuant to which Ultimate Software shareholders will receive $331.50 in cash for each share of Company stock (“Merger Consideration”).
The Complaint alleges that on March 11, 2019, in order to convince Ultimate Software shareholders to vote in favor of the Proposed Transaction, the Board authorized the filing of a materially incomplete and misleading Preliminary Proxy Statement on Schedule 14A (the “Proxy”) with the Securities and Exchange Commission, in violation of Sections 14(a) and 20(a) of the Exchange Act.
This case was voluntarily dismissed on May 9, 2019.
Company & Securities Information
Defendant: The Ultimate Software Group, Inc.
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: ULTI
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
Deborah Weinstein, et al. v. The Ultimate Software Group, Inc., et al.