Vista Wins Novel Ruling in $1.9 Billion Mindbody Buyout Case (1)

Vista Equity Partners Management LLC prevailed in court Monday against a challenge to its $1.9 billion take-private deal for Mindbody Inc., but the fitness app maker’s ex-CEO remains on the hook for about $48 million.

Delaware’s top court issued a novel decision for Vista, rejecting claims that the private equity giant assisted in former Mindbody CEO Richard Stollmeyer’s covert scheme to tilt the sales process toward a transaction that offered him fast liquidity and a host of post-deal perks. At the same time, the appellate court upheld most of a ruling last year that hit Stollmeyer with $1 per ...