Thoma Bravo, MeridianLink Board Sued for Alleged Buyback Scheme

An investor sued Thoma Bravo LLC and MeridianLink Inc. board members, seeking to block a stock buyback program that’s allegedly aimed at handing corporate control of the software company back to the private equity firm.

The lawsuit, filed in Delaware, says the investment firm is exploiting its influence over MeridianLink—which it acquired in 2018 and took public in 2021—to regain a majority stake without spending a cent of its own. It’s the second time Thoma Bravo and a board it dominates have arranged a similar buyback scheme after its ownership slipped below 50%, according to the complaint.

The allegations echo ...