Avalara Requests to Dismiss Class Action Filed by Investors

Court: W.D. Washington

Case: 2:22-cv-01580

Avalara has requested the court to dismiss the lawsuit filed by investors. The court will determine whether the case proceeds.

What is this lawsuit about?

On October 19, 2022, Avalara’s acquisition by Vista Equity Partners Management, LLC closed, leading to its shares being delisted from the NYSE and denying public shareholders the opportunity to benefit from the company’s future growth.

Investors allege that to secure shareholder approval for the acquisition, Avalara and related parties presented unreasonably low financial projections on September 12, 2022, and instructed Goldman Sachs to rely on outdated July projections to support a favorable fairness opinion. These Proxy Misrepresentations allegedly misled shareholders about the Board and Management’s belief in the financial outlook and the true value of their shares.

Then, on November 4, 2022, shareholders filed a claim against Avalara.

What can you do to recover your losses now?

We’re keeping track of all updates and will notify $AVLR investors about potential recovery.

More than 600 companies are currently facing securities class action lawsuits, and over 100 are already paying settlements. Connect your brokerage account to automatically check which ones you may have missed.