SAN JOSE – A stockholder has filed a class-action lawsuit alleging that the board of directors for Polycom Inc. misled investors in the proposed sale of the company.
John Solak filed a complaint on behalf of all others similarly situated on June 8 in the U.S. District Court for the Northern District of California, San Jose Division against Peter A. Leav, Martha H. Bejar, Gary J. Daichendt, Robert J. Frankenberg, John A. Kelley Jr., D. Scott Mercer, Betsy S. Atkins, Mitel Networks Corp. and Meteor Two Inc., citing alleged breach of fiduciary duties.
According to the complaint, the suit states that the defendants announced in April that Polycom would be sold to Mitel. The plaintiff alleges that Mitel's stock prices dropped after the announcement was made and that if Polycom was sold now, it would prevent the class from receiving financial results and growth. The plaintiff holds the defendants responsible because the defendants allegedly issued a proxy statement and false material to the Securities Exchange Commission.
The plaintiff seeks to enjoin the defendants from consummating the proposed acquisition, all legal fees and any other relief as the court deems just. He is represented by Brian J. Robbins and Stephen J. Oddo of Robbins Arroyo LLP in San Diego.
U.S. District Court for the Northern District of California, San Jose Division Case number 5:16-cv-03128