Lawsuit: ShoreTel Proxy Statement Missing Information Concerning Merger

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A stockholder filed a proposed class action lawsuit back in August against ShoreTel, Inc. and its board of directors over an allegedly misleading proxy statement the defendants filed in connection with Mitel Networks Corporation’s potential acquisition of the company. Specifically, the suit claims the proxy statement is missing details of ShoreTel’s financial projections and “key inputs and assumptions” used in the financial analyses performed by its financial advisor. The plaintiff claims the statement also failed to disclose the percentage of shares owned by company executives that had been pledged in support of the merger, which he argues is material information to stockholders.