Jul, 2003 : LEGATO Served With Lawsuits Over EMC Bid

📅 July 17, 2003 - LEGATO Systems, Inc. (legato.com) announced this week that the company and its board of directors have been served with two lawsuits in connection with last week's announcement that EMC Corporation (emc.com) would acquire LEGATO in a stock transaction valued at approximately $1.3 billion.

The two suits were both filed in Santa Clara County Superior Court and allege breach of fiduciary duty and self-dealing against the defendants. Both suits seek to prohibit the closing of the transaction and force LEGATO to obtain a transaction in the interests of shareholders.
"We believe the allegations in these suits are meritless, and will defend the company and the individual defendants vigorously," said Noah D. Mesel, vice president and general counsel of LEGATO.
LEGATO is a provider of enterprise-class software solutions and services for information lifecycle management.

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