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Stockholder alleges California corporation, board broke federal law

By Louie Torres | Aug 22, 2016

SANTA ANA, Calif. (Legal Newsline) — A stockholder is suing a California technology company and its board members, alleging they made false statements recommending stockholders to tender their shares to support a proposed transaction.

Stephen Bushansky filed a class action lawsuit, individually and on behalf of all others similarly situated, July 22 in U.S. District Court for the Central District of California Southern Division against QLogic Corporation of Aliso Viejo, acting CEO Jean Hu and board members John T. Dickson, Balakrishnan S. Iyer, Christine King, D. Scott Mercer, Jay A. Rossiter, George D. Wells, and William M. Zeitler, alleging violation of federal law. 

According to the complaint, Bushanysky suffered financial damages after being presented misleading information regarding a  proposed company transaction. The plaintiff alleges the defendants misrepresented materials to public stockholders regarding the transaction for their own benefit.

Bushansky seeks a trial by jury, and order that this case become a class action, preliminary and permanently enjoining the defendant from completing the proposed transaction, compensatory damages, court costs and all relief the court grants. He is represented by attorneys Leigh A. Parker and Richard A. Acocelli of Weisslaw LLP in Los Angeles and New York.

U.S. District Court for the Central District of California Southern Division Case number 8:16-cv-01363-JVS-KES

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