Micro Focus shareholder class action suit
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Apr 29, 2022: Five shareholders who "...purchased or acquired Micro Focus ADSs [American Depository Shares]... in connection with the Merger of Micro Focus and the software business segment of HPE, which was completed on September 1, 2017" have filed a class action against Micro Focus and HPE -- alleging that "...a number of problems seriously undermining Micro Focus’s business and prospects" were not disclosed and citing "...a decline of more than 54% from the Merger closing price..."
The relevant documents are posted on a public website operated by the three law firms representing the plaintiffs: https://www.microfocusclassaction.com
(In 2015, HP settled an Autonomy shareholder class action for an estimated payout of $0.07 per share to those who "...purchased or otherwise acquired shares of Hewlett-Packard Company’s publicly traded common stock in the open market... from November 22, 2010 to and through August 18, 2011." It was alleged that "...the price of HP’s publicly traded common stock was artificially inflated..." Autonomy Settlement )
notice authorized by the Superior Court of The State of
California County of San Mateo
Your Legal Rights And Options In This Lawsuit
- Do Nothing... Stay in the lawsuit. Await the outcome. Share in possible benefits. Give up certain rights...
- Ask to Be Excluded from the Class... you will not be entitled to any recovery that may result from this class action, but you will not be bound by any past or future rulings for or against Defendants. You will be free to pursue your claims against Defendants on your own or as part of a different lawsuit...
paragraphs from the complaint filed by the law firms...
6. In the Offering
Documents used to conduct the Merger, Defendants repeatedly touted Micro
Focus’s ability to “enhance shareholder returns,” “accelerate
operational effectiveness,” “achieve operational efficiencies,” and
“create significantly greater scale and breadth of product portfolio.”
In addition, the Offering Documents repeatedly made statements about its
successful track record of executing and integrating strategic
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