Judge Shuts Down Finjan Investors' Suit Over $44M Sale

By Craig Clough (September 14, 2021, 7:31 PM EDT) -- A California federal judge has dismissed with prejudice Finjan Holdings investors' proposed securities class action over the cybersecurity company's $44 million sale to Fortress Investment Group, finding the lead plaintiff again failed to allege any plausible motive for leadership to devalue the company.

Judge Edward M. Chen said lead plaintiff Robert Grier "selectively cites" from a recommendation statement Finjan filed with the U.S. Securities and Exchange Commission to his benefit, and a full examination of the document leads to the conclusion that Finjan was sold at a fair market price.

Judge Chen had already dismissed the suit earlier in the year...

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