Investor Cries Foul Over $810M Trustwave-Singtel Merger
Law360 (August 24, 2018, 4:39 PM EDT) -- An investor filed a proposed class action in Delaware Chancery Court claiming Trustwave Holdings Inc. improperly gave $15.6 million in stock preference in connection with its $810 million merger with Singapore Telecommunications Ltd. in 2015.
In a lawsuit made public Thursday, stockholder Comet Capital LLC said the cybersecurity technology company and eight of its board members breached their fiduciary duty and contractual obligations when the merger was approved, contending that preferred stockholders were given $15.6 million in liquidation benefit they should not have received.
"The liquidation preference was paid to the Series A preferred stockholders from the total merger consideration paid...
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