CoSine Deal Challenged in Court
Just over three weeks ago Tut Systems Inc. (Nasdaq: TUTS) ended months of speculation over the fate of CoSine when it stumped up $24.1 million for the struggling switch vendor (see Tut Takes On CoSine and Will CoSine Get Carved Up?).
But in a recent filing with the Securities and Exchange Commission (SEC) CoSine revealed that, on January 18, a complaint entitled Senior v CoSine Communications Inc., et al., was filed in San Mateo County Superior Court in California. The complaint requested that the acquisition be “enjoined” due to alleged self-dealing and breach of fiduciary duties by CoSine’s officers and directors.
Get the details at NDCF.
— James Rogers, Site Editor, Next-Gen Data Center Forum