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Shiva locked with Shiva shareholders in class action

Shareholders say Shiva breached fiduciaries

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Shiva today named its directors as defendants in an action that threatens to wreck its proposed acquisition by Intel. The class action claim, brought by Shiva’s shareholders, alleges breach of fiduciary duties in connection with the chip maker’s planned buyout. It seeks injunctive relief and unspecified damages. The action against the US remote access provider was filed in state court in Massachusetts on November 13. The Intel stock transaction to buy Shiva is valued at around $185 million and gives Intel access to Virtual Private Network (VPN) technology Mark Christensen, Intel Network Products Division general manager, formerly said the company had engaged Shiva because for its “talented people.” Maybe they could prove a bit too “talented” for the Great Stan of chips. ®

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