Morris Kandinov LLP represents the Brotherhood of Locomotive Engineers and Trainmen Long Island Pension Fund in a newly filed case against certain officers and directors of Anaplan, Inc. (PLAN) arising from the sale of the company to Thoma Bravo. The complaint alleges that the defendants elevated their own financial interests over those of stockholders by approving millions of dollars of stock equity grants while the transaction was pending, which violated the terms of an interim operating covenant in the agreement with Thoma Bravo. As a result, Thoma Bravo used the breach to renegotiate the terms of the acquisition, costing stockholders $400 million.
The case is Brotherhood of Locomotive Engineers and Trainmen Long Island Pension Fund v. Calderoni, et al., No. 2022-1172 (Del. Ch.).
For more information regarding the case, contact Leo Kandinov at leo@moka.law.
