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AVLR.US
id: 451

Avalara (AVLR) Vista Acquisition Case

The court has ruled on whether the plaintiffs are certified as a class.
W.D. Washington
Court
2:22-cv-01580
Case number
09/12/2022
Class period Start
11/04/2022
Class period End

On October 19, 2022, Avalara (AVLR) acquisition by Vista Equity Partners Management, LLC was closed , causing Avalara’s shares to be delisted from the NYSE and thereby denying Avalara’s public owners the ability to profit from the Company’s future growth.

Investors reasons to suspect that on September 12, 2022, to convince Avalara shareholders to vote in favor of the acquisition, the Company and involved parties:

  • created unreasonably low financial projections to achieve support for the desired fairness opinion,

  • directed Avalara’s financial advisor, Goldman Sachs & Co. LLC to use the July Projections to perform the valuation analyses underlying its fairness opinion,

as a result, using the Proxy Misrepresentations to misrepresent the Board and Management’s beliefs regarding the reasonableness of the inappropriately low May and July Projections and mislead shareholders regarding the present value of their shares.

Case Type
US Securities Class Action
Case Status
Class Certification result
Alleged Offence
Misleading Statements, 
Financial Misrepresentation, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management, 
Shareholder, 
Investment Bank, 
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/04/2022
Filing date
11/04/2022
Judge
Hon. Marsha J. Pechman