Presidio agreed to pay $21.625 million to settle a securities class action lawsuit accusing the Company and its management of breaching their fiduciary duties in connection with the Merger.

The lawsuit and settlement can affect those investors who are record holders or beneficial owners of the common stock of Presidio and were cashed out of their shares of Presidio common stock (or any interest therein) at the close of the transaction on December 19, 2019.

The original complaint alleged that Cagnazzi, Presidio’s Chief Executive Officer, along with the rest of Presidio’s board of directors comprised of Steven Jay Lerner, Pankaj Patel, Todd H. Siege, Heather Berger, Christopher L. Edson, Salim Hirji, Matthew H. Nord, and Michael A. Reiss breached their fiduciary duties in connection with the Merger and that BCP and BCP’s merger.

Presidio agreed to settle with investors to avoid further litigation.