Xactly, Bd. of Directors Facing Securities Lawsuits Over Excalibur Merger

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Cloud-based software and services group Xactly Corporation and its board of directors are the defendants in no fewer than two proposed class actions over alleged violations of federal securities laws. Two lawsuits out of California – one filed June 30 and the other July 6 – claim the defendants, in connection to a proposed merger with Excalibur Parent LLC and Excalibur Merger Sub, Inc., filed a false and misleading proxy statement with the U.S. Securities and Exchange Commission that left out material information.