Equinix Misled Investors Around $700M Deal: Suit

Law360, New York (March 4, 2011, 8:53 PM EST) -- Equinix Inc. shareholders lodged a proposed class action Friday in California alleging that the company painted a misleadingly rosy picture of its finances surrounding a $700 million acquisition of a competitor in April.

Equinix, its CEO and its chief financial officer are facing two alleged violations of the Securities Exchange Act of 1934 stemming from the company's purchase of Switch and Data Facilities Co. Inc.

Shares of the data center provider traded at more than $105 in October, but dropped more than 33 percent overnight, to...
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