Hypercom Drops VeriFone Confidentiality Breach Suit

Law360, New York (October 8, 2010, 1:11 PM EDT) -- Hypercom Corp. has withdrawn litigation accusing VeriFone Systems Inc. of violating a confidentiality agreement when it went public with a $5.25 per share tender offer for the company.

In a statement Thursday, Hypercom said it withdrew the lawsuit, filed Sept. 23 in the Court of Chancery of the State of Delaware, only after VeriFone announced its tender offer on Sept. 29. The litigation, Hypercom said, would have limited the information it could use to fight off the hostile bid.

According to the complaint, which was filed...
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