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Mindbody stockholder files suit over merger agreement with Vista Equity Partners affiliates

By Jenie Mallari-Torres | Feb 5, 2019

WILMINGTON, Del. (Legal Newsline) – A stockholder in a technology platform for the fitness, body and wellness service industry alleges a statement prepared regarding a merger agreement omits information.

Eric Sabatini, individually and on behalf of all others similarly situated, filed a complaint on Jan. 24 in the U.S. District Court for the District of Delaware against Mindbody Inc., et al. alleging violation of the Securities and Exchange Act of 1934.

According to the complaint, Mindbody announced Dec. 24, 2018, that it would be acquired by affiliates of Vista Equity Partners. The suit states the defendants filed a proxy statement with the U.S. Securities and Exchange Commission and it allegedly omits information regarding its financial projections and other items. The suit states a stockholder vote on the proposed transaction is scheduled for Thursday, Feb. 14.

The plaintiff holds Mindbody Inc., et al. responsible because the defendants allegedly were negligent when they filed a statement with materially false and misleading statements.

The plaintiff requests a trial by jury and seeks judgment against defendants, declaratory relief, costs of action, attorneys’ and experts’ fees, and further relief as the court may deem just. He is represented by Seth D. Rigrodsky, Brian D. Long and Gina M. Serra of Rigrodsky & Long PA in Wilmington, Delaware and Richard A. Maniskas of RM Law PC in Berwyn, Pennsylvania.

U.S. District Court for the District of Delaware case number 1:19-cv-00138

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