Oracle wins payday in Micros Systems lawsuit saga
Summary
The legal representatives of at least four parties that sued Oracle over its 2014 acquisition of Micros Systems are set to pay hundreds of thousands of dollars to the vendor over its misconduct claims.However, in 2014, several parties, along with other firms, sued Micros and its directors, claiming that Micros’ shareholders were not adequately informed about the transaction and that Oracle’s offer price was too low.The litigation conduct prompted a subsequent sanction motion by Oracle, which four of the firms involved have agreed to settle rather than defend.“For more than a decade, plaintiffs’ lawyers have brought these suits, challenging legitimate public mergers, in order to line their own pockets at the expense of shareholders.“We are grateful that the Maryland courts recognised that the claims had no merit, and we urge other public companies to challenge these baseless suits.
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