Avalara Inc. defeated an investor’s suit alleging a proxy statement about its sale to a private equity company included misleading statements about Avalara’s value.
The US District Court for the Western District of Washington on Oct. 6 said Martin Sohovich, the investor, failed to show statements in the proxy were objectively false, among other flaws, so his claims warranted dismissal. Vista Equity Partners Management LLC acquired Avalara, which sells tax compliance software that automates transactional tax work, in October 2022 for $8.4 billion at $93.50 per share in an all-cash deal.
- Sohovich’s theory that the revenue projections in the statement ...
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