Is A Settlement Of The Federal Securities Class Action Drawing Near?

Textura-IPO-Scienter-Fraud-03-02-2016On Friday, in the federal District Court-house in Chicago, both sides in the litigation filed a motion for joint order (that links a PDF file) to severely limit the disclosure of materials related to the litigation.

Ordinarily, a plaintiffs’ side securities firm will resist such an order, on the chance that additional securities claims later arise — and on the chance that those might be proved up by the prior discovery disclosures.

Usually, that is, unless the parties are close to a settlement. Then, to the extent possible — both sides usually seek to seal the documents. And usually, if the company has ongoing ’34 Act periodic reporting duties (i.e., remains a publicly traded company, after the litigation settles), a large chunk of it becomes public anyway, under SDEC reporting rules.

Textura-Closed-06-20-16Here however, Oracle has agreed to acquire — and has in fact acquired — Textura, so that Textura is no longer a public company, with shares actively traded on any exchange.

Thus (whew!) this is one of the very unusual times when the press, and the investing public, may end up learning very little about what all went wrong, with Patrick J. Allin’s various processes —  in taking legacy Textura public (all allegedly, of course) in the Summer of 2013.

Now you know.

We will keep an eye on it — for a later settlement motion — but for now, here is the confidentiality motion I discussed above, as a PDF file of some 36 pages.


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