Software Co. Investors Can't Revive Suit Over Oracle Buy

Law360, New York (October 24, 2011, 8:17 PM EDT) -- A Massachusetts appeals court on Friday denied Phase Forward Inc. shareholders' bid to revive a class action over Oracle Corp.'s purchase of the medical software maker, finding they failed to adequately claim Phase Forward didn't try to obtain the highest sale price.

A three-judge panel affirmed a lower court's ruling that the Waltham, Mass.-based company followed the proper steps in notifying its shareholders of Oracle's $756 million acquisition in April 2010, and therefore the plaintiffs had no basis to support their breach of fiduciary duty and...
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