WILMINGTON, Del., — Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Northern District of California on behalf of holders of Callidus Software Inc. (“Callidus”) (NASDAQ:CALD) common stock in connection with the proposed acquisition of Callidus by SAP America, Inc. and its affiliate (“SAP”) announced on January 29, 2018 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Callidus, its Board of Directors (the “Board”), and SAP, is captioned Franchi v. Callidus Software Inc., Case No. 3:18-cv-01443 (N.D. Cal.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at [email protected], or at http://rigrodskylong.com/contact-us/.
On January 29, 2018, Callidus entered into an agreement and plan of merger (the “Merger Agreement”) with SAP. Pursuant to the terms of the Merger Agreement, shareholders of Callidus will receive $36.00 in cash for each share of Callidus they own (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Definitive Proxy Statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Proxy Statement omits material information with respect to, among other things, Callidus’ financial projections, the analyses performed by Callidus’ financial advisor, and potential conflicts of interest. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Callidus common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than May 7, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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