This class action was asserted on behalf of the former stockholders of Tangoe against Tangoe’s former directors. This litigation arose from Defendants’ approval of a transaction—negotiated and agreed to while the Company was in the midst of a significant accounting restatement—in which Marlin acquired the outstanding shares of Tangoe that it did not already own through a tender offer at $6.50 per share followed by a second-step merger.
After defeating Defendants’ motions to dismiss, in substantial part, the parties entered into a settlement that created a common fund of $12.5 million for the benefit of Tangoe stockholders.
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