SuccessFactors Shareholders Sue Over SAP's $3.4B Bid

Law360, New York (January 6, 2012, 8:24 PM EST) -- SAP America Inc. and business software maker SuccessFactors Inc. were hit with a putative shareholder class action on Thursday alleging SAP's $3.4 billion bid for SuccessFactors undervalued the company and was reached without proper oversight by the company's board.

The SuccessFactors shareholders say SAP's offer undervalues the Delaware-based company, given its strong performance in the market and analyst expectations regarding the future of both the company and the cloud-based solutions industry. They accuse SuccessFactors' board of failing to oversee the company's chief executive officer, Lars Dalgaard,...
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