Quest's $2B Sale To Insight A Fraud Cover-Up, Investor Says

Law360, New York (April 5, 2012, 4:34 PM EDT) -- A Quest Software Inc. shareholder hit the software manufacturer with a proposed class action in Delaware state court Monday, claiming its $2 billion sale to private equity firm Insight Venture Partners LP was intended to cover up past financial misdealings by Quest executives.

CEO Vincent C. Smith, along with other Quest directors, is accused of agreeing to take the California company private in an “unfair” $23-per-share deal in order to evade an investigation by the U.S. Securities and Exchange Commission, according to the complaint. Smith, a...
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