The plaintiff asked the court to enjoin the proposed merger until Navarre disclosed additional information to its shareholders. After oral argument, the plaintiff's motion to enjoin the deal was denied. After the injunction was denied, the plaintiff voluntarily dismissed the action.
$50 million acquisition goes forward
After our client Navarre, a publicly-held distribution and publishing company, agreed to acquire Speed FC, a provider of e-commerce platforms and web hosting services, for $50 million, a shareholder filed a purported class action complaint claiming that the individual members of Navarre's board had breached their fiduciary duties and violated the securities laws.