Delaware Court of Chancery Upholds Selectica Shareholder Rights Plan
March 03 2010 - 4:00PM
Business Wire
Selectica (NASDAQ: SLTCD), a leading
provider of contract lifecycle management and sales configuration
solutions, today announced that the Delaware Court of Chancery has
ruled in favor of Selectica in a lawsuit seeking a determination of
the validity of its shareholder rights plan.
The Court concluded that the Selectica Board of Directors’
adoption of a shareholder rights plan with a 4.99% threshold
designed to protect the Company’s net operating loss carryforwards,
and actions taken by the Board in response to an intentional
trigger of the plan by Versata Enterprises, Inc. and Trilogy, Inc.,
were both valid exercises of the Board’s business judgment.
“We are very pleased with the Court’s decision upholding the
Board’s actions to protect a valuable asset such as the net
operating loss carryforwards through its shareholder rights plan,”
said Jamie Arnold, Co-chairman of the Board. “With this decision,
the Board will continue to focus on building our business and
increasing shareholder value.”
About Selectica, Inc.
Selectica (NASDAQ: SLTCD) provides Global 2000 companies with
solutions that automate complex contract management and sales
configuration processes. Selectica's enterprise solutions
streamline critical business functions including sales,
procurement, and corporate governance, and enable companies to
eliminate risk, increase revenue, and cut costs. Selectica
customers represent leaders in manufacturing, technology, retail,
healthcare, and telecommunications, including Bell Canada, Cisco,
Covad Communications, Fujitsu, Hitachi, International Paper,
ManTech, Levi Strauss & Co., Qwest Communications, and Rockwell
Automation. For more information, visit www.selectica.com.
Forward Looking Statements
Certain statements in this release and elsewhere by Selectica
are forward-looking statements within the meaning of the federal
securities laws and the Private Securities Litigation Reform Act of
1995. Such information includes, without limitation, business
outlook, assessment of market conditions, anticipated financial and
operating results, strategies, future plans, contingencies and
contemplated transactions of the Company. Such forward-looking
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties and other factors which
may cause or contribute to actual results of Company operations, or
the performance or achievements of the Company or industry results,
to differ materially from those expressed, or implied by the
forward-looking statements. In addition to any such risks,
uncertainties and other factors discussed elsewhere herein, risks,
uncertainties and other factors that could cause or contribute to
actual results differing materially from those expressed or implied
for the forward-looking statements include, but are not limited to
the on-going global recession; fluctuations in demand for
Selectica's products and services; government policies and
regulations, including, but not limited to those affecting the
Company's industry; and risks related to the Company's past stock
granting policies and related restatement of financial statements.
Selectica undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. Additional risk factors concerning the
Company can be found in the Company's most recent Form 10-K, and
other reports filed by the Company with the Securities and Exchange
Commission.
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