Recent Securities Litigations
GlobalSCAPE, Inc. (AMEX: GSB)
According to the Complaint, GlobalSCAPE, Inc. secures and automates the movement and integration of data in, around, and outside organizations in and out of the cloud. Founded in 1996, the Company’s data exchange and integration software and cloud services are used by thousands of customers worldwide, including global enterprises, governments, and small and medium enterprises.
This action stems from a proposed transaction announced on July 20, 2020, pursuant to which GlobalSCAPE, Inc. will be acquired by Help/Systems, LLC (“Parent”) and Grail Merger Sub, Inc. (“Merger Sub”).
On July 19, 2020, GlobalSCAPE’s Board of Directors caused the Company to enter into an agreement and plan of merger with Help/Systems. Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of GlobalSCAPE’s outstanding common stock for $9.50 per share in cash. The Tender Offer is set to expire on August 27, 2020.
On July 31, 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.