Recent Securities Litigations
ForeScout Technologies, Inc. (NASDAQ: FSCT)
According to the Complaint, Forescout Technologies, Inc. delivers device visibility and control to enable enterprises and government agencies to gain complete situational awareness of their environment and orchestrate action.
This action stems from a proposed transaction announced on July 15, 2020, pursuant to which Forescout Technologies, Inc. will be acquired by affiliates of Advent International Corporation.
On July 15, 2020, Forescout’s Board of Directors caused the Company to enter into an amended and restated agreement and plan of merger with Ferrari Group Holdings, L.P. (“Parent”) and Ferrari Merger Sub, Inc. (“Merger Sub,” and together with Parent, “Ferrari”). Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Forescout’s outstanding common stock for $29.00 per share in cash. The Tender Offer is set to expire on August 14, 2020.
On July 20, 2020, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.