A pension fund sued New Relic Inc. over fears that its planned $6.5 billion sale to Francisco Partners Management LP and TPG Global LLC was driven by pressure from activist hedge fund JANA Partners LLC.
The lawsuit in Delaware’s Chancery Court seeks internal files from the cloud analytics company to investigate concerns that its leaders hastily engineered an underpriced transaction at an inopportune time to escape scrutiny from activists led by JANA, which is run by billionaire Barry Rosenstein.
The deal allegedly gives New Relic founder Lew Cirne—its largest stockholder at the time, with an 11% stake—the chance to ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.