CTXS.US

id: 511

Citrix Systems (CTSX) Investor Settlement

S.D. Florida

Court

0:22-cv-62327

Case number

08 Mar 2022

Class period Start

30 Sept 2022

Class period End

17 Dec 2024

Claim deadline

Citrix Systems reached an agreement with $CTXS investors over claims that it made false financial projections and arranged an unfair merger.

Outline:

In 2022, Citrix Systems was accused of using false projections and misleading statements to secure approval for an unfairly priced merger. Following disclosures of lower-than-expected sales, $CTXS fell and Citrix Systems faced a suit from investors.

Timeline:
On January 22, 2022: Citrix Systems announced plans to be acquired by affiliates of Vista Equity Partners and Evergreen Coast Capital Corporation.
On April 1, 2022: Citrix Systems completed its acquisition.
On July 21, 2022: Citrix reported lower-than-expected earnings and growth.
On July 22, 2022: Following this news, $CTXS fell significantly.
On September 15, 2022: Investors filed a lawsuit against Citrix.
Background:

On January 22, 2022, Citrix Systems announced its acquisition by Vista Equity Partners and Evergreen Coast Capital Corporation.

This acquisition was presented as “a very positive development which will put Citrix in a better position to accelerate its transformation and invest in its growth strategy”. This was approved by Citrix shareholders on February 22, 2022, and completed by April 1, 2022.

In their July 2022 financial report, Citrix revealed significant revenue declines due to difficulties in moving their customers to cloud-based services and problems in implementing their new business model.

The company supposedly used false projections and misleading proxy statements to justify selling Citrix at a low price to Vista Equity Partners and Elliott Investment Management.

This led to a 9% drop in $CTXS value.

After Citrix disclosed disappointing financial results, investors sued the company.

What can investors expect now?

Citrix Systems has settled with $CTXS investors over claims that it made false financial projections and arranged an unfair merger.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.

Case Status

Accepting Claims

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.14

Filing date

12 December 2022

Plaintiffs

Juan A. Vargas

Attorneys

Miller Shah LLP (Fort Lauderdale, FL), Pomerantz LLP (New York, NY), Wohl & Fruchter LLP (Monsey, NY)

Defendants

Robert M. Calderoni, Nanci E. Caldwell, Murray J. Demo, Thomas E. Hogan, Moira A. Kilcoyne, Robert E. Knowling, Jr., Peter J. Sacripanti, J. Donald Sherman

Judge

Rodolfo A. Ruiz II

Administrator

JND Legal Administration

Settlement agreement date

2024-07-12

Court hearing date

04 November 2024

Exclusion deadline

14 October 2024

Objection deadline

14 October 2024

Attorney fee

$5,775,000

Trades matching type

FIFO

+$17,500,000

Cash Settlement Amount

Frequently Asked Questions

When will you be able to apply for the payment?

Do I have to sell securities to be eligible?

How long does the payout process take?

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