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Chordiant Software, Inc. Securities Litigation
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Chordiant Software, Inc. (NasdaqGM: CHRD) shareholder litigation in
connection with alleged unfair takeover offer
On March 15, 2010, Chordiant Software, Inc. (“Chordiant” or the
“Company”) announced that it agreed to sell the Company to
Pegasystems Inc. ("Pegasystems") (NasdaqGS: PEGA) . Under the terms
of the proposed transaction, Chordiant shareholders will receive $5.00 in
cash for each share of Chordiant they own.
The investigation concerns whether the Chordiant Board of Directors
breached their fiduciary duties to Chordiant stockholders by failing to
adequately shop the Company before entering into this transaction and
whether Pegasystems is underpaying for Chordiant shares, thus
unlawfully harming Chordiant stockholders.