Mindbody Says No Incentive To Lowball $1.9B Sale

Law360 (February 19, 2020, 3:48 PM EST) -- Software company Mindbody is urging a New York federal court to toss a suit accusing it of deliberately pushing down its own stock price prior to its $1.9 billion sale to a private equity firm, saying its executives would have lost millions by undervaluing the business.

In a filing Tuesday in New York federal court, Mindbody Inc. asked for dismissal of the putative class action accusing it and some of its executives and largest shareholders of deliberately depressing its value in the months before the acquisition by Vista Equity Partners, announced December 2018, by lowballing its expected profits.

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