Pomerantz Appointed Co-Lead Counsel in Citrix Securities Litigation

On March 8, 2023, U.S. District Judge Rodolfo A. Ruiz II, of the Southern District of Florida, appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, who serves as the Co-Lead Plaintiff, and the class, in Vargas v. Citrix Systems, Inc., 22-cv-62327 (S.D. Fla.). This securities action alleges that Citrix Systems, Inc. (“Citrix” or the “Company”) misled investors about the true value of the Company in order to sell it at an unfairly low price per share.

Citrix is a software company that provides users with secure remote access to computer networks through solutions that include servers, applications, desktop virtualization software and cloud computing technologies.

Allegations against Citrix include that: (i) the Company’s Board's used false projections to conceal the true value of Citrix; (ii) based on the foregoing, shareholders approved the sale of Citrix at an inadequate valuation; and (iii) as a result, shareholders were forced to sell their shares in Citrix at an unfair price.

The claims arise out of the sale of Citrix to Vista Equity Partners (“Vista”) and Elliott Investment Management L.P. for the inadequate and unfair price of $104 per share in cash, pursuant to a merger under which Citrix became a wholly-owned subsidiary of TIBCO Software, Inc., a portfolio company of Vista.