A lawsuit filed against infoUSA and several of its directors, including CEO Vinod Gupta, has been dismissed, according to infoUSA.
The action, which had been filed by minority shareholder Cardinal Value Equity Partners L.P., sought to force infoUSA to reconvene a special committee that had been set up in June 2005 to evaluate strategic financial alternatives for infoUSA, including opening the firm up for sale. The special committee was dissolved in August 2005.
InfoUSA has maintained that the special committee in question was established only to evaluate a bid from Gupta to take the firm private. Cardinal wanted other offers considered as well.
The suit was dismissed by the Court of Chancery for the State of Delaware, but the dismissal is without prejudice, and Cardinal is permitted to file an amended complaint within 60 days. Cardinal has not indicated whether it will do so.
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