MCFUF.US
id: 873
Micro Focus (MCFUF) And HPE Software Merger Settlement
The settlement funds have been distributed to claimants.
$107,500,000
Cash SettlementS.D. New York
Court1:18-cv-06763-ALC
Case number09/01/2017
Class period Start08/28/2019
Class period End06/30/2023
Claim deadline- Micro Focus allegelly misled about its merger with HPE Software in 2017.
- $MCFUF fell 47% and lost $4.43B of its market cap, damaging investors.
The complaint claims that Micro Focus made false statements about disruptions in customer of HPE accounts, employee attrition, worsening revenue trends, and sales execution issues in the North America region.
It also claims Micro Focus failed to integrate successfully with HPE Software, leading to an artificially inflated enterprise value.
These news caused $MCFUF fall by 47% and $4.43B loss of market cap on March 19, 2018, damaging shareholders.
Any Investor who purchased $MCFUF during the period may be eligible for a payout.
Case Status
Disbursed
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
03/28/2018
Plaintiffs
James Ragsdale
Attorneys
Robbins Geller Rudman & Dowd LLP
Defendants
Stephen Murdoch, Mike Phillips, Kevin Loosemore, Nils Brauckmann, Karen Slatford, Richard Atkins, Amanda Brown, Silke Scheiber, Darren Roos, Christopher Hsu, John Schultz, and Giselle Manon
Judge
Marie S. Weiner
Administrator
EPIQ
Settlement agreement date
2023-01-24
Court hearing date
07/25/2023
Exclusion deadline
06/30/2023
Objection deadline
06/30/2023
Hearing deadline
07/25/2023
Attorney fee
$35,833,333
Trades matching type
FIFO