Thoma Bravo’s Everbridge Faces Revived Investor Class Action

Everbridge Inc. investors successfully stated securities fraud claims over the software company’s integration of acquired companies before Thoma Bravo LLC took it private, the Ninth Circuit said Tuesday.

The investors cited knowledgeable confidential witnesses to plausibly allege that key executives had the necessary level of intent for securities fraud in statements about integration and revenue, the US Court of Appeals said in reviving the proposed class action. The opinion was unpublished and unsigned.

• The complaint “suggests that issues with integration were widespread and that the company’s officers misstated revenue estimates to conceal these issues,” making the inference that Everbridge and ...