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Vignette Corporation Shareholder Class Action Lawsuit over takeover

 

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Company Name(s): 
Vignette Corporation
Case Name: 
Vignette Corporation Shareholder Class Action Lawsuit 05/11/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Summary: 

On May 11, 2009, an investor of Vignette Corporation (NASDAQ: VIGN) filed a purported class action against Vignette, its directors, Open Text Corporation, and Scenic Merger Corp. in the District Court for the 201st Judicial District of Travis County, Texas.

On July 10, 2009 Vignette Corporation (NASDAQ: VIGN) announced that "it has reached an agreement in principle with a stockholder of Vignette that provides for the settlement of the purported class action litigation commenced by such stockholder against Vignette and its directors following the announcement of the merger between Vignette and Open Text Corporation".

Vignette also announced that "Vignette and its directors have reached an agreement in principle with the plaintiff providing for the settlement of the litigation. In connection with this settlement, Vignette agreed to make available additional information to its stockholders. "

Vignette said that the defendants deny plaintiff's allegations in the action, but have agreed to settle the lawsuit " in order to avoid costly litigation and eliminate the risk of any delay to the closing of the merger".

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