Chancery Says Tangoe Board Can’t Nix $256M Sale Suit
Law360 (November 20, 2018, 10:16 PM EST) -- The Delaware Chancery Court on Tuesday refused to toss a proposed shareholder class action against directors of IT and telecommunications company Tangoe Inc. over their decision to sell the company amid regulatory troubles, saying it is conceivable that the board members acted out of their own self-interest.
Vice Chancellor Joseph R. Slights III shot down a motion to dismiss by the Tangoe directors, finding the investors adequately brought a claim that the directors breached their fiduciary duties by moving forward with the $256 million sale of the company to Marlin Equity Partners, Asentinel LLC and TAMS Inc. earlier this year....
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