A case over Avalara Inc.'s $8.4 billion sale to a private equity firm needs another look to test the soundness of its proxy misstatement claims, the Ninth Circuit said Monday.
The tax software company’s investors successfully pleaded that two parts of the proxy statement’s discussion of the proposed sale were misleading because of omissions, the US Court of Appeals for the Ninth Circuit said in an unpublished opinion. The appeals court sent the case back to the lower court for an analysis of the omissions’ materiality and other issues.
- Lead investor Martin Sohovich alleged that several false statements tainted the ...
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