NEW YORK (Legal Newsline) – A shareholder is suing Rosetta Stone and its board of directors over a proposed merger.
David Messinger and his lawyers at Monteverde & Associates filed suit Sept. 17 in New York federal court in an effort to keep the company from consummating a proposed transaction until it discloses certain information they say is left out of the Recommendation Statement.
Veritas Capital, through portfolio company Cambium Learning Group, has made an offer to buy shares of Rosetta Stone for $30 each. The board’s recommendation to accept the offer allegedly leaves out details on:
-The sales process;
-The financial analyses performed by Rosetta Stone’s financial advisor, Goldman Sachs; and
-Projections prepared by Rosetta Stone and relied upon by Goldman Sachs.
Veritas’ offer expires on Oct. 14.