Keker, Van Nest & Peters filed a securities lawsuit Monday in California Northern District Court against manufacturing industry cloud software provider Plex Systems. The suit alleges that in the run-up to a $2.2 billion acquisition of the company by Rockwell Systems in June, Plex and its private equity investor Francisco Partners carried out a scheme to maximize their share of the proceeds at the expense of other long-term stockholders. The suit is brought on behalf of the company’s former CEO Jason Blessing and former vice president Rehmann Rayani. Counsel have not yet appeared for the defendants. The case is 4:21-cv-05951, Blessing et al v. Plex Systems, Inc. et al.
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