Notice Of Dismissal Of In Re Gigamon, Inc. Delaware Class Action Lawsuit
SANTA CLARA, Calif., April 16, 2019 /PRNewswire/ -- Gigamon Inc. ("Gigamon"), the essential element of network and security infrastructure, providing pervasive visibility to network traffic across physical, virtual, and cloud environments, today announced the notice of dismissal of a Delaware class action lawsuit.
On October 26, 2017, Gigamon Inc. ("Gigamon") announced that it had entered into an agreement with entities affiliated with Elliott Management Corporation ("Elliott") to be acquired for $38.50 per share (the "Transaction").
On November 30, 2017, two actions were filed in the Court of Chancery of the State of Delaware on behalf of a putative class of Gigamon stockholders against Gigamon, its Board of Directors (the "Board"), Elliott, and certain entities affiliated with Elliott. The lawsuits, which were consolidated into a single action (the "Action"), challenged, among other things, Gigamon's public disclosures about the Transaction. Plaintiffs in the Action identified information that the plaintiffs contended should have been, but was not, disclosed to Gigamon's stockholders in the proxy statement related to the Transaction.
On December 12, 2017, and in response to the Action, Gigamon made supplemental disclosures (the "Supplemental Disclosures") within a Form 8-K that it filed with the U.S. Securities and Exchange Commission. The Supplemental Disclosures made the disclosure claims asserted in the Action moot. Therefore, plaintiffs agreed to dismiss the Action. The defendants deny that the Supplemental Disclosures contained any additional material facts that were required to be disclosed, and deny that any claim asserted in the Action is or was ever meritorious. On April 12, 2019, the Court of Chancery entered an order dismissing the Action and the claims asserted in the Action with prejudice only as to all named plaintiffs individually, and without prejudice as to any actual or potential claims of members of the putative class.
Gigamon has agreed to make a fee and expense payment to plaintiffs' counsel in the Action of $500,000.00 to resolve any application for an award of attorneys' fees and expenses to be made by counsel for plaintiffs in the Action for the alleged benefit conferred on Gigamon stockholders through the issuance of the Supplemental Disclosures detailed above. The Court of Chancery has not been asked to review, and will pass no judgment on, the payment of fees and expenses or its reasonableness.
If you have any questions regarding the litigation, please contact any of the attorneys below:
MONTEVERDE & ASSOCIATES PC
Juan E. Monteverde
The Empire State Building
350 Fifth Avenue, Suite 4405
New York, New York 10118
Tel.: 212-971-1341
Fax: 212-202-7880
Email: [email protected]
Attorneys for Plaintiffs
WILSON SONSINI GOODRICH & ROSATI P.C.
David Berger
650 Page Mill Road
Palo Alto, CA 94304
650-320-4901
Email: [email protected]
Attorneys for Defendants Gigamon Inc., Corey M. Mulloy, Paul A. Hooper, Michael C. Ruettgers, John H. Kispert, Paul J. Milbury, Ted C. Ho, Robert E. Switz, Joan A. Dempsey, Dario Zamarian, and Arthur W. Coviello, Jr.
GIBSON, DUNN & CRUTCHER LLP
Brian M. Lutz
555 Mission Street
Suite 3000
San Francisco, California 94105-0921
(415) 393-8379
Email: [email protected]
Attorneys for Defendants Elliott Associates, L.P., Elliott Management Corporation, Elliott International, L.P., Elliott International Capital Advisors Inc., The Liverpool Limited Partnership, Evergreen Coast Capital Corp., Ginsberg Holdco, Inc., and Ginsberg Merger Sub, Inc.
About Gigamon
Gigamon is the recognized leader in network visibility solutions, delivering the power needed to see, secure and empower enterprise networks. Our solutions accelerate threat detection and incident response times while empowering customers to maximize their infrastructure performance across physical, virtual and cloud networks. Since 2004 we have cultivated a global customer base which includes leading Service Providers, Government Agencies as well as Enterprise NetOps and SecOps teams from more than 80 percent of the Fortune 100. For the full story on how we can help reduce risk, complexity, and cost to meet your business needs, visit our website, follow our blog, and connect with us on your favorite social channels Twitter, LinkedIn and Facebook.
SOURCE Gigamon Inc.
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