Finjan Holdings Inc. shook off a securities fraud suit because the plaintiffs failed to show that it didn’t believe the information it provided to shareholders before its 2020 sale, the Ninth Circuit said Friday.
The complaint alleged that Finjan and its CEO, Philip Hartstein, issued false revenue projections and share value estimates in an effort to convince Finjan shareholders to go through with the acquisition by Fortress Investment Group LLC.
Lead plaintiff Robert Grier alleged that Finjan management knowingly provided deflated numbers to create the appearance that the sale price offered by Fortress was a good bargain for Finjan shareholders. ...
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