Investors' Suit Over $1.9B Mindbody Deal Moves Forward

Law360 (October 2, 2020, 10:56 PM EDT) -- A Delaware Chancery judge on Friday let stand claims against two of three Mindbody Inc. officers facing a consolidated proposed shareholder class action alleging they corrupted the $1.9 billion take-private sale last year of the wellness industry payment software provider for their own benefit.

Vice Chancellor Kathaleen S. McCormick agreed with the suing investors that Mindbody's sale to Vista Equity Partners Management LLC for $36.50 per share last year is subject to enhanced scrutiny under the First State's cornerstone Revlon standard.

"The paradigmatic claim under Revlon Inc. v. MacAndrews & Forbes Holdings, Inc. arises when 'a supine board under the sway...

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