Vista’s $1.25 Billion Deal for Model N Draws Shareholder Suit

Vista Equity Partners’ proposed $1.25 billion buyout of cloud revenue-management software company Model N has spurred a lawsuit by a shareholder seeking to block the deal.

Matthew Hamilton sued Model N as well as its directors and officers Thursday in New York, alleging breach of fiduciary duty. He claims the most recent proxy statement from the company was misleading and omitted details about benefits its executives have been promised by the private equity firm.

According to the suit, a shareholder vote is scheduled for June 25. Hamilton asked for the company to be barred from closing the deal until ...