Labaton Sucharow LLP (“Labaton Sucharow”) announces that on August 10, 2018, it filed a securities class action lawsuit on behalf of its client Wayne County Employees’ Retirement System (“Wayne County”) against Xura Inc. (“Xura” or the “Company”) (NASDAQ: MESG), and certain of its senior executives and directors (collectively, “Defendants”). The action, which is captioned Wayne County Employees’ Retirement System v. Mavenir, Inc. F/K/A Xura, Inc., No. 18-cv-01229 (D. Del), asserts claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of all Xura shareholders of record as of July 11, 2016, the record date for Xura shareholders to be eligible to vote in the merger announced on May 23, 2016 (the “Merger”), pursuant to which Xura was acquired by Sierra Private Holdings II Ltd. through its wholly-owned subsidiary, Sierra Private Merger Sub Inc., both of which are affiliates of Siris Capital Group, LLC.
Xura offered a portfolio of products and services to major telecommunications companies, digital communications services for businesses, and products that facilitated additional revenues for mobile carriers. On May 23, 2016, Xura entered into an agreement and plan of merger (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, stockholders of Xura received $25.00 per share in cash. The Merger was approved by a shareholder vote on August 16, 2016 and closed on August 19, 2016.
Prior to the shareholder vote, Defendants issued a Preliminary Proxy Statement on June 28, 2016, a Final Proxy Statement on July 12, 2016 (together, the “Proxy”), and on July 26, 2016, a supplemental Proxy Statement (the “Supplemental Proxy Statement”). The Complaint alleges that the Proxy and Supplemental Proxy Statement contained materially incomplete and misleading disclosures.