Splunk Sued for Alleged Misrepresentations in Cisco Buyout Proxy

Splunk Inc. and its directors allegedly misrepresented key details about a proposed acquisition of the company by Cisco Systems Inc. in a proxy filing, according to a shareholder lawsuit filed Friday.

The software company and its board issued the misleading proxy statement on Oct. 18, soliciting shareholder votes in favor of the proposed $28 billion transaction, which would pay $157 in cash per share of Splunk stock, the complaint filed in the US District Court for the Northern District of California says.

Shareholder Avantika Agarwal alleges that the proposed transaction is unfair, and that the board entered into the ...