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AVLR.US
id: 451, Created by Stan Vick Chase, Scout
Avalara Inc
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E.D. Washington
CourtOn October 19, 2022, Avalara (AVLR) acquisition by Vista Equity Partners Management, LLC was closed , causing Avalara’s shares to be delisted from the NYSE and thereby denying Avalara’s public owners the ability to profit from the Company’s future growth.
Investors reasons to suspect that on September 12, 2022, to convince Avalara shareholders to vote in favor of the acquisition, the Company and involved parties:
- created unreasonably low financial projections to achieve support for the desired fairness opinion,
- directed Avalara’s financial advisor, Goldman Sachs & Co. LLC to use the July Projections to perform the valuation analyses underlying its fairness opinion,
as a result, using the Proxy Misrepresentations to misrepresent the Board and Management’s beliefs regarding the reasonableness of the inappropriately low May and July Projections and mislead shareholders regarding the present value of their shares.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
19 October 2022