| LEGATO faces lawsuits over EMC takeover LEGATO Systems has been served with two lawsuits filed against the company and its board of directors in connection with the recently-announced agreement that EMC Corporation would acquire LEGATO. The two suits were both filed in Santa Clara County Superior Court, and assert identical claims for breach of fiduciary duty and self-dealing against the defendants. Both suits ‘seek to enjoin the closing of the transaction and to 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 Mesel, vice president and general counsel of LEGATO. LEGATO has retained the Palo Alto, CA, law firm Wilson Sonsini Goodrich & Rosati to represent the defendants.
•Date:
16th July 2003 • Region: N.America
•Type: Article •Topic:
BC markets
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