Software Co. Investors Can't Revive Suit Over Oracle Buy

Law360, New York (October 24, 2011, 8:17 PM EDT) -- A Massachusetts appeals court on Friday denied Phase Forward Inc. shareholders' bid to revive a class action over Oracle Corp.'s purchase of the medical software maker, finding they failed to adequately claim Phase Forward didn't try to obtain the highest sale price.

A three-judge panel affirmed a lower court's ruling that the Waltham, Mass.-based company followed the proper steps in notifying its shareholders of Oracle's $756 million acquisition in April 2010, and therefore the plaintiffs had no basis to support their breach of fiduciary duty and...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.