Judge dismisses lawsuit filed by Ancestry.com shareholders
A judge has dismissed a lawsuit filed on behalf of Ancestry.com shareholders who were disgruntled by terms of a sale that took the Provo company private.
The Delaware court dismissed the proposed class action lawsuit filed nearly a year ago by Pontiac General Employees Retirement System on behalf of itself and other shareholders. They alleged that the sale was rigged to favor Permira Advisors by the company's largest shareholders, CEO Tim Sullivan, board members and others.
The suit alleged that the manipulation to favor Permira's bid of $32 a share shut out other possible bidders, including one who offered $35 a share.
Ancestry.com declined to say whether a settlement had been reached with the shareholders who filed the lawsuit.
Ancestry.com also announced Monday it had acquired Find A Grave, an Salt Lake City online cemetery database. Find A Grave's services, which include information and photos on the location of graves, will be enhanced, Ancestry.com said.
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