Genesee County Employees' Retirement System v. Vista Equity Partners Management LLC (Cvent Take-Private Litigation)
Labaton Keller Sucharow serves as Co-Lead Counsel in a stockholder class action brought on behalf of Genesee County Employees’ Retirement System and all other similarly situated former stockholders of Cvent Holding Corporation (Cvent or the Company) against Vista Equity Partners Management, LLC and other related entities (collectively, Vista), and certain members of Cvent’s former Board of Directors and Cvent’s former Chief Executive Officer (collectively, Defendants) over claims that they breached their fiduciary duties during the Company’s $4.6 billion take-private sale to affiliates of Blackstone Inc. (Blackstone).
On March 14, 2023, Cvent announced that it had entered into an agreement to be acquired by private equity funds managed by Blackstone. Cvent’s minority stockholders would receive $8.50 in cash per share, and Vista, a controlling stockholder of Cvent, would receive $8.50 in cash per share and preferred equity in the post-acquisition company. The acquisition process was conducted by Cvent’s Board, which consisted of Vista employees, and a transition committee that included two Vista employees as well as Cvent’s Chief Executive Officer.
On March 25, 2024, the Firm filed a Verified Stockholder Class Action Complaint alleging that Defendants breached their fiduciary duties. The Complaint alleges that the $8.50-per-share cash consideration received by Cvent’s minority stockholders was unfair and that the process leading to the acquisition was conflicted, deficient, and unfair.
On January 24, 2025, the Delaware Court of Chancery largely denied Defendants’ motions to dismiss, keeping alive claims against the Company’s Chief Executive Officer in his capacity as a member of the Board as well as against Vista and the other Board members.
On December 3, 2025, the Firm secured class certification for a non-opt out class and appointment of Genesee County Employees’ Retirement System as Lead Representative for the class and Labaton Keller Sucharow as Co-Lead Counsel.
Following mediation, on April 13, 2026, the Parties reached an agreement to settle the matter for $12 million (pending court approval) to resolve claims against Defendants.
The case is Genesee County Employees' Retirement System v. Vista Equity Partners Management LLC et al., C.A. No. 2024-0299-PAF (Del. Ch.). Labaton Keller Sucharow represents Genesee County Employees’ Retirement System.