(DALLAS) Kendall Law Group has filed a class action lawsuit against Omniture (NASDAQ: OMTR) and company executives over the recent takeover announcement of Omniture by Adobe Systems for $1.8 billion.
Online PR News – 18-October-2009 – – The class action complaint, filed in the 4th District Court of Utah County, alleges that the company and its insiders breached their fiduciary duties to shareholders. First, the merger agreement makes veiled reference to certain compensation arrangements between Adobe and company insiders. In fact, Omniture CEO Joshua James has a secured a position with Adobe after the merger. Second, the merger agreement has support agreements and a 'top up' provision, which has the practical effect of requiring only 45% of Omniture’s publicly held shares to effectuate the short form merger. Third, the Omniture and its executives have agreed to onerous deal protection devices in the merger agreement, such as a $64 million termination fee; a 'no solicitation' clause; and a matching rights provision. These devices seek to make Adobe’s takeover offer a foregone conclusion.
Defendants include the company, Omniture, its CEO Joshua James, and members of the Board of Directors. The plaintiffs include SEO Expert Shailen Lodhia, who is a long term Omniture investor with significant experience in Omniture’s industry as an SEO Expert.
Kendall Law Group has significant experience in shareholder class actions. Led by a former federal judge and US Attorney, the firm has the credentials to take on complicated shareholder class actions. To learn more about this action and your rights as an Omniture shareholder, contact attorney Hamilton Lindley at 877-744-3728 or firstname.lastname@example.org.