Chancery Trims Suit Over $643M Xura Merger With Siris

Law360 (July 12, 2019, 8:12 PM EDT) -- The Delaware Chancery court threw out part of an investor suit Friday that alleges Siris Capital Group aided software company Xura Inc.'s release of misleading proxy materials as part of a $643 million merger, finding that the allegations were lacking in the exact same ways as those in an earlier shareholder suit.

Vice Chancellor Joseph R. Slights III said the second suit, led by Xura investor Istvan Szoke, presented the same deficient theories of aiding and abetting as a prior one by investor Obsidian Management LLC, in which Vice Chancellor Slights dismissed aiding and abetting claims against Siris, managing partner Frank Baker and...

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