For a while there, it was fashionable in the M&A bar to question whether investors could ever hold companies liable for failing to make deals that maximize shareholders’ benefits.
that investment bank RBC Capital Markets LLC was liable for aiding and abetting the tainted sale of Rural/Metro Corp.)
A “smitten” Stollmeyer, she said, made up his mind after the summit that he wanted to sell Mindbody to Vista – even though the company’s board had not even begun the search for a merger partner. Vista, meanwhile, aided and abetted Stollmeyer’s breach of duty by signing off on the inadequate proxy disclosures, McCormick found.
McCormick awarded damages of $1 per share, plus interest, based on evidence that Vista would have been willing to pay that additional amount. In a class certification briefing, plaintiffs said Mindbody had 47 million shares outstanding at the time of the merger.
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