Execs Wrongly Benefit From Health Co. Sale, Investors Say
Law360 (February 5, 2019, 6:12 PM EST) -- Stockholders in the cloud-based health, wellness and beauty industry platform Mindbody Inc. have filed a proposed class action in California federal court accusing the company and its top officers of misrepresenting the benefits of a proposed $1.9 billion deal with investment firm Vista Equity Partners.
According to named plaintiff Sunil Kumar's suit, filed on Monday, Mindbody executives stand to make too much from the deal as they were guided more by self-interest than the good of the company. The deal should be halted until Mindbody provides missing details about the negotiations and the reasoning behind the proposal.
The deal would mean...
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