Court dismisses Cardinal Value Equity Partners suit against infoUSA
Database services company infoUSA Inc. said Oct. 17 that the Court of Chancery for the State of Delaware dismissed a lawsuit filed in February by Cardinal Value Equity Partners LP against the company and some of its directors including chairman/CEO Vinod Gupta.
The Omaha company's board of directors in June 2005 formed a special committee to mull over a proposal from Mr. Gupta to buy shares of infoUSA not owned by him. Mr. Gupta's withdrawal of the proposal led to the committee's dissolution in August 2005.
Cardinal Value Equity Partners filed a lawsuit in February to have the court to order infoUSA to reinstate the special committee. InfoUSA and its defendants filed a motion with the court to dismiss all claims.The court order, which is without prejudice, lets Cardinal to file an amended complaint within 60 days.