Recent Securities Litigations
LogMein, Inc. (NASDAQ: LOGM)
According to the Complaint, LogMeIn, Inc. provides its customers with unified communications and collaboration,
identity and access management, and customer engagement and support solutions.
This action is brought as a class action by Plaintiff on behalf of himself and the other public holders of the common stock of LogMeIn, Inc. against the Company and the members of the Company’s board of directors for their violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, in connection with the proposed merger between LogMeIn, Francisco Partners and Evergreen Coast Capital Corporation, the private equity affiliate of Elliot Management Corporation.
On December 17, 2019, the Board caused the Company to enter into an agreement and plan of merger, pursuant to which the Company’s shareholders stand to receive $86.05 in cash for each share of LogMeIn stock they own.
The Complaint alleges that on January 17, 2020, in order to convince LogMeIn shareholders to vote in favor of the Proposed Transaction, the Board authorized the filing of a materially incomplete and misleading Form PREM14A Preliminary Proxy Statement with the Securities and Exchange Commission, in violation of Sections 14(a) and 20(a) of the Exchange Act.