Dell agrees to settle $1 billion investor lawsuit
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The American corporation Dell came to an agreement with investors who filed a lawsuit against it, and agreed to pay compensation in the amount of $ 1 billion. The company announced this today, November 16, in documentfiled with the US Securities and Exchange Commission. The agreement will have to be approved by the Delaware Court of Chancery, which is considering the lawsuit.
In 2018, Dell decided to buy back some of its shares, it paid $14 million in cash for the paper and issued 149.4 million Class C shares in exchange for all Class V shares. This transaction was due to the fact that in 2015 Dell bought for $67 billion cloud developer VMware. The share swap allowed the corporation to gain full control over VMware, which in 2021 was highlighted to a separate company.
Investors believed that as a result of such an operation, Dell paid the holders of securities several billion dollars less than it should have, and sued it.
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