Mergers & Acquisitions,
Securities
Jan. 23, 2024
Adobe board faces shareholder action over aborted merger
"Defendants allowed Adobe to misleadingly downplay competitive pressure from other companies, most importantly, Figma, Inc.," the attorneys wrote.
The 12 board members for Adobe Inc. were accused of misleading the public about the threat Figma Inc., a competing collaborative design software company, posed to Adobe's market share.
Among the defendants in a shareholder lawsuit filed in Santa Clara County Superior Court are: Shantanu Narayen, Adobe CEO; Cristiano Amon, Qualcomm Inc.; Brett Biggs, former Walmart, Inc.; and Spencer Neumann, Netflix, Inc. CFO.
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