Siris Capital Beats Claims Related to Merger With Xura

Siris Capital Group LLC beat claims that it helped Xura Inc. corporate officers breach their fiduciary duties in connection with a merger between Xura and a Siris affiliate.

The proposed class claims failed because named plaintiff Istvan Szoke alleged only a list of facts “on information and belief,” the Delaware Court of Chancery said.

The complaint didn’t allege that Siris knowingly participated in the alleged breaches by Xura officers, the court said.

There were no well-pleaded allegations to support the claim that Siris knew Xura’s then-CEO, Phillip Tartavull, would be terminated but for the merger, the court said.

The complaint ...