WILMINGTON, Del., June 09, 2017 (GLOBE NEWSWIRE) -- Andrews & Springer LLC today announced that pursuant to a Stipulation and Order Closing the Case, granted by the Delaware Court of Chancery on June 8, 2017, the parties to the litigation hereby provide the following Notice of Case Dismissal and Mootness Fee Resolution:
Qlik Technologies Inc. Litigation
(Wilmington, Delaware) On June 2, 2016, Qlik Technologies Inc. (“Qlik” or the “Company”) and Thoma Bravo announced that the parties had executed an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to the terms of which Qlik stockholders received $30.50 per share in cash in exchange for each share of Qlik (the “Transaction”). In connection with the Transaction, the Company filed a preliminary proxy statement with the U.S. Securities and Exchange Commission on June 21, 2016, and subsequently filed a definitive proxy statement on July 6, 2016 (the “Proxy”). A complaint was filed by Plaintiff Brent Charles in the Delaware Court of Chancery against members of the Qlik board of directors, alleging claims for breach of fiduciary duty for failure to disclose all material information to shareholders in the Proxy. The directors denied and continue to deny any wrongdoing.
However, in order to moot Plaintiff’s disclosure claims, and regardless of their merit or lack thereof, on July 22, 2016, the Company filed “Supplemental Disclosures to Definitive Proxy Statement” on Schedule 14A (the “Supplemental Disclosures”) with the United States Securities and Exchange Commission. That same day, the Plaintiff notified the Court in writing that his claims had been rendered moot and requested the Court to retain jurisdiction solely for the purpose of determining Plaintiff’s counsel’s application for an award of mootness fees and reimbursement of expenses.
After July 22, 2016, the parties engaged in arm’s-length negotiations, and the Company agreed to pay Plaintiff’s counsel $87,500 in mootness fees. On June 8, 2017, the Court entered a Stipulation and Order Closing the Case, reiterating final dismissal of the Action with prejudice as to the named Plaintiff only. The Court has not and will not pass any judgment on the fee payment.
Counsel for Plaintiff: Peter B. Andrews, Esq., Andrews & Springer LLC, 3801 Kennett Pike Bldg. C., Ste. 305, Wilmington, DE 19807 (302) 504-4957. Counsel for Defendants: Jenness E. Parker, Esq., Skadden, Arps, Slate, Meagher & Flom LLP, 920 North King Street, P.O. Box 636, Wilmington, Delaware 19899 (302) 651-3000.