Class action hits latest Intel acquisition

iCAT shareholders up in arms

Ecommerce vendor iCAT is being sued by shareholders in the wake of its sale to Intel, claiming their interests were misrepresented. Intel acquired the assets of iCAT for only the price of existing debt, which means that shareholders - who had invested $40 million in all - will get nothing back from the deal. The deal was announced back in November. The writ was filed in King County Court, Washington, by Alan J Bossio, an individual investor in iCAT. Bossio is hoping to gain access to documents surrounding the deal’s details. Previous requests to see the documents in question were turned down by iCAT’s legal team. ®

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