Dell agrees to pay $1b to settle claims it shortchanged stockholders during EMC acquisition
Dell has agreed to pay shareholders $1 billion to settle claims it didn't give them the full picture when using their allegedly undervalued shares to finance the $67 billion purchase of EMC in 2016.
The financing of the acquisition took significantly longer to close, though, and the swap of special Dell stock that the shareholders were alleging shortchanged them by billions actually took place in late 2018.today, Dell, along with co-defendants Silver Lake Group and Goldman Sachs, agreed to settle the Delaware suit with former holders of the Class V common stock, who had been claiming Dell and co.
In the December 2018 transaction, Dell paid $14 billion in cash and issued 149,387,617 shares of its Class C common stock to holders of its Class V common stock in exchange for their Class V shares.[PDF] – which was amended multiple times – claimed the VMware cash price that the Class V stock was supposed to have tracked was $34 per share higher than Dell paid at the time of the swap.
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