UserTesting Sued Over $1.3 Billion Sale to Thoma Bravo, Sunstone

An investor sued UserTesting Inc. on Wednesday, eyeing a challenge to its planned $1.3 billion take-private buyout by Thoma Bravo LP and Sunstone Partners Management LLC.

The lawsuit in Delaware’s Chancery Court seeks internal files from UserTesting to investigate fears that the private equity transaction was engineered to favor corporate insiders and shortchange public investors. The San Francisco-based company performs market research and consumer tests for major brands.

Its CEO was allegedly eager to partner with Thoma Bravo, which had promised him a plum post-deal job, while its other leaders “presumably stand to receive massive paydays.” Financial adviser Morgan Stanley ...