Siemens Flays Sobha Over Failed $65M Deal

Law360, New York (March 11, 2010, 3:19 PM EST) -- Siemens Medical Solutions USA Inc. is suing Sobha Renaissance Information Technology Private Ltd. to recover losses it says it incurred when Sobha failed to make good on a $65 million acquisition of Siemens’ information technology outsourcing business.

The amended complaint, filed Wednesday in the U.S. District Court for the District of Delaware, claims India-based Sobha beat out other bidders for the outsourcing business based on false assurances that it had the necessary funds, causing Siemens to waste several million dollars lining up a stillborn transaction....
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