Wednesday, May 27, 2009

A little more on that first lawsuit (Pfeffer v McNealy et al)


There's a little more detail on the April 20 class action lawsuit filed against Sun Microsystems and Oracle, courtesy the Santa Clara County, California Superior Court.

Case Information Associated Cases
Number: 1-09-CV-140424
Title: Pfeffer V. Sun Micro Systems, Inc., Et Al
Category: Securities Litigation - Unlimited
Filed: 4/20/2009 Disposed: None Status: Open

Plaintiff Barry Pfeffer
Attorney: Vahn Alexander
Faruqi & Faruqi, LLP , 1901 Avenue Of The Stars, Second Floor, Los Angeles, Ca 90067

The defendants are various people from Sun Microsystems (Scott G McNealy, James L Barksdale, etc.), as well as Sun itself, Oracle, and the Soda Acquisition Corporation (presumably the entity set up to make the acquisition). Interested parties include Oppenheim Asset Management Services S.A.R.L. and Murray Mandel.

If you want to see the original filing, go here. Excerpt:

The consideration offered in the Proposed Transaction, however, is unfair and grossly inadequate, because among other things, the intrinsic value of Sun common stock is materially in excess of the amount offered, given the Company's growth and anticipated operating results, net asset value and future profitability.

Other than Pfeffer being from New York, and being a Sun shareholder, no other details are given about him, or how he spontaneously contacted an attorney in Los Angeles to file this lawsuit.

When I last checked, the calendar includes a June 26 motion to consolidate, and a September 4 case management conference. The June 26 motion explains the presence of the two interested parties:

Pfeffer v. Sun Micro Systems, Inc., et al.
Motion by Plaintiff Oppenheim Asset Management Services SARL for Consolidation of Actions (Pfeffer-109CV140424, Oppenheim-109CV141421, Mandel-109CV141407), Appointment of Lead Plaintiff (Pfeffer) and Appointment of Co-Lead Counsel (Johnson Bottini LLP and Motley Rice LLC)

As for the Honorable Joseph Huber who has to listen to all this, he's done been commended.
blog comments powered by Disqus