Shareholder Claims Nixed In $127M Answers Buyout Row

Law360, Wilmington (February 3, 2014, 9:56 PM EST) -- A Delaware Chancery Court judge rejected allegations brought by Answers Corp. shareholders over the Internet company's $127 million acquisition by private equity firm Summit Partners, finding Monday that the evidence failed to support claims that Answers' board and the buyout group acted improperly.

Vice Chancellor John W. Noble granted the board's request for summary judgment on the plaintiffs' claim of breach of fiduciary duty, ruling that no genuine issues of fact existed.

In a 43-page opinion, the vice chancellor ruled that Answers' board acted in good...
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