According to the Complaint, Shutterfly, Inc. is a leading retailer and manufacturing platform for personalized products and communications. Founded in 1999, the Company has three divisions: Shutterfly Consumer, Lifetouch, and Shutterfly Business Solutions.

This action stems from a proposed transaction announced on June 10, 2019, pursuant to which Shutterfly, Inc. will be acquired by affiliates of Apollo Global Management, LLC.

On June 10, 2019, Shutterfly’s Board of Directors caused the Company to enter into an agreement and plan of merger with Apollo. Pursuant to the terms of the Merger Agreement, Shutterfly’s stockholders will receive $51.00 in cash for each share of Shutterfly common stock they own.

On July 19, 2019, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.

On November 5, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 23. Defendants filed a Motion to Dismiss the amended Complaint on February 10, 2020. On March 17, the Court issued an Order withdrawing the original Lead Plaintiff and substituting a new Lead Plaintiff in his place. On May 20, the Court granted Defendants' Motion to Dismiss. On June 18, Lead Plaintiff filed a notice appealing the Court's Dismissal Order. On May 21, 2021, the Court of Appeals affirmed the District Court's Dismissal Order.