News & Trends

Former Executives Claim Cloud Computing Company and PE Firm Lied to Shareholders to Reap Profits of $2.2B Acquisition



Keker, Van Nest & Peters filed a securities lawsuit Monday in California Northern District Court against manufacturing industry cloud software provider Plex Systems. The suit alleges that in the run-up to a $2.2 billion acquisition of the company by Rockwell Systems in June, Plex and its private equity investor Francisco Partners carried out a scheme to maximize their share of the proceeds at the expense of other long-term stockholders. The suit is brought on behalf of the company’s former CEO Jason Blessing and former vice president Rehmann Rayani. Counsel have not yet appeared for the defendants. The case is 4:21-cv-05951, Blessing et al v. Plex Systems, Inc. et al.

This suit was surfaced by Radar, a source for high-speed legal news and litigation updates personalized to your practice. Radar publishes daily updates on just-filed federal cases like this one. Click here to get started and be first to know about new suits in your region, practice area or client sector.

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