Bloomberg Law
March 16, 2023, 8:30 PM

Vista, Mindbody Ex-CEO Lose Buyout Case, But Damages Are Minimal

Mike Leonard
Mike Leonard
Legal Reporter

Vista Equity Partners and Mindbody Inc.'s former chief executive must pay $1 more per share to investors bought out in a $1.9 billion take-private deal, a Delaware judge said.

Chancellor Kathaleen St. Jude McCormick ruled for the ex-shareholders Wednesday, about a year after presiding over a two-week trial. Her damages award appears to increase the price of the $36.50-per-share deal by about $48 million, according to the 119-page judicial opinion.

The ex-CEO, Richard Stollmeyer, “tilted the sale process by strategically driving down Mindbody’s stock price and providing Vista with informational and timing advantages during the due-diligence and go-shop periods,” the ...