NEW YORK, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Monteverde & Associates PC is the only firm that has filed a class action lawsuit in the United States District Court for the Northern District of California, Case No. 5:23-cv-3665, on behalf of former public common shareholders of Sumo Logic, Inc. (“Sumo Logic” or the “Company”) who held Sumo Logic securities as of the record date, April 3, 2023 (the “Class Period”), and who were harmed by Sumo Logic and its officers’ alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), in connection with the acquisition of Sumo Logic by an affiliate of Francisco Partners Management, L.P. (the “Merger”).
Under the terms of the Merger, each share of Sumo Logic common stock owned was converted into the right to receive $12.05 in cash per share (the “Merger Consideration”). The Complaint alleges that the Merger Consideration was inadequate and that the Definitive Proxy Statement issued by the Company with the U.S. Securities and Exchange Commission on April 5, 2023, provided stockholders with materially incomplete and misleading information in violation of Sections 14(a) and 20(a) of the Exchange Act. The Merger was completed on May 12, 2023.
Mr. Juan Monteverde is available to personally discuss this case with you, and if you wish to serve as lead plaintiff, you must move the Court no later than September 26, 2023. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
Click here for more information: https://www.monteverdelaw.com/case/sumo-logic-inc. It is free and there is no cost or obligation to you.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm that has recovered millions of dollars for shareholders and is committed to protecting investors and consumers from corporate wrongdoing. Monteverde & Associates lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019 and a Super Lawyers Honoree in Securities Litigation in 2022-2023. He has also been selected by Martindale-Hubbell as a 2017-2023 Top Rated Lawyer. Our firm’s recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases.
Juan E. Monteverde, Esq.
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