Med. IT Co. Can't Block $16M Stock Buy, Appeals Court Says

Law360, Philadelphia (April 11, 2013, 6:09 PM EDT) -- A Pennsylvania appeals court Wednesday affirmed the dismissal of a suit brought by medical information technology company TeleTracking Technologies Inc. that sought to prevent an investment bank from buying up $16 million worth of shares from its minority stakeholders.

A three-judge Superior Court panel rejected TeleTracking’s claims that the offer, made by Insight Venture Management LLC, was made in bad faith and was structured in a way that would make it impossible for the company to take advantage of its right of first refusal.

“A right...
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