Investors Tell SourceHOV To Pay Up On Flawed $2.8B Deal
By Sierra Jackson (July 24, 2020, 1:50 PM EDT) -- Former investors in SourceHOV asked a New York federal court to make the company hand over cash owed to them after the Delaware Chancery Court found their shares were undervalued in a $2.8 billion merger.
The merger at the center of the litigation is a three-way deal announced in 2017 that saw two private equity-backed companies — SourceHOV LLC and Novitex Holdings Inc. — combine with special purpose acquisition vehicle Quinpario Acquisition Corp. 2 to form Exela Technologies. The tie-up with Quinpario also allowed the enlarged company to trade on the Nasdaq.
The group of former SourceHOV investors claim in the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!