Summary
Fortinet, Inc. (FTNT) filed an 8-K on July 22, 2016, primarily to disclose the resolution of shareholder litigation related to its acquisition of Meru Networks, Inc. in July 2015. Five former Meru stockholders voluntarily dismissed their legal action filed in the Delaware Court of Chancery. This filing is a procedural step, confirming the company's compliance with a court order requiring disclosure of a notice regarding attorneys' fees and expenses.
Key Highlights
- 1Fortinet has resolved shareholder litigation concerning the 2015 acquisition of Meru Networks.
- 2The litigation was dismissed voluntarily by five former Meru stockholders.
- 3The dismissal was approved by the Delaware Court of Chancery.
- 4The 8-K filing is in response to a court order requiring disclosure of a related notice.
- 5The notice pertains to the payment of attorneys' fees and expenses in connection with the litigation.
Frequently Asked Questions
The main purpose of this 8-K filing is to formally disclose the voluntary dismissal of shareholder litigation related to Fortinet's acquisition of Meru Networks and to comply with a court order requiring the filing of a notice regarding attorneys' fees and expenses.
The filing indicates the litigation has been dismissed, suggesting it is no longer an active legal or financial concern. The notice relates to attorneys' fees and expenses, which implies a resolution to those costs.
Fortinet acquired Meru Networks in July 2015.
The litigation was filed by former stockholders of Meru Networks in the Court of Chancery of the State of Delaware, concerning the acquisition by Fortinet.