According to the Complaint, Cray Inc. designs and builds supercomputers, software for supercomputers, and storage and data management products. Cray’s products are used at national laboratories like Argonne National Laboratory, universities like the University of Western Australia, and corporations like GE.

On May 17, 2019, Cray and Hewlett Packard Enterprise Company ("HPE") announced that they had entered into a definitive merger agreement pursuant to which HPE will acquire all of the outstanding shares of common stock of Cray for $35.00 per share. The deal is valued at approximately $1.3 billion and is expected to close by the first quarter of HPE’s fiscal year 2020.

On June 12, 2019, Defendants filed a preliminary proxy statement with the SEC. The Complaint alleges that the proxy statement was materially incomplete and misleading. Specifically, the Complaint alleges the Proxy contains materially incomplete and misleading information concerning the sales process, financial projections prepared by Cray management, and the financial analyses conducted by Cray’s financial advisor.

This case was voluntarily dismissed on August 16, 2019.