According to the Complaint, Focus Financial Partners, Inc. is an investment firm that holds ownership interests in independent fiduciary wealth management firms. Focus began trading on the NASDAQ market in 2018, but, pursuant to a transaction announced in February 2023 and completed in August 2023, Focus is now a privately held company whose shares are predominantly held by Clayton, Dubilier & Rice, LLC ("CD&R"). Prior to the Transaction, Focus’s largest shareholder was the private equity firm Stone Point Capital LLC who held approximately 20.6% of Focus’s voting power and controlled Focus’s Board of Directors.

The Complaint alleges that the transaction was the outcome of an unfair and conflicted process—negotiated and approved by conflicted directors, influenced by conflicted management, with the assistance of conflicted advisors—all of which resulted in the Company accepting an unfair price from CD&R.

A Complaint was filed under seal on December 26, 2023. On January 26, 2024, the Court entered a redacted version of the Complaint.

On March 21, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a sealed consolidated Complaint on June 4, 2024. On June 11, Lead Plaintiff filed a redacted version of the consolidated Complaint. Defendants filed a Motion to Dismiss the consolidated Complaint on July 30.

On March 31, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed without prejudice.