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Novell’s Last Week – Part VII: NOVL Goes Dark as Many Lawsuits Filed by Shareholders

Posted in Finance, Novell at 11:15 am by Dr. Roy Schestowitz


Summary: Novell is under an investors siege for signing a bad deal with AttachMSFT

Robert Pogson has had a terrible week and news from Novell was only part of the problem. As he put it in his blog:

M$ buying Novell through a third party controlled by M$ is interesting. It is obvious that they did not buy Novell directly to avoid anti-competition considerations but it seems a smoke-screen. It will be interesting to see how ugly GNU/Linux can be made when M$ manages things. They could just shut Suse down or diversify. It will be interesting to see how they sell two products that are so different.

The “anti-competition” part should warrant a lawsuit; but with this whole AttachMSFT loophole it won’t pass muster.

Novell is practically dead as a company and it will not report its results as it promised several weeks ago. It just won’t have to face this embarrassment. The stock is still publicly traded for the time being and financial news which mentioned Novell over the past week may include (not a complete list by any means):

  1. Top Gainers of NASDAQ in Technology Sector (LVLT, IGLD, NOVL, SNDK, STEC)
  2. Stocks Fall on European Debt Jitters (AMZN, BAC, FCX, GMCR, GS, HPQ, JPM, NFLX, NOVL, XOM)
  4. Monday Deals: Moody’s Buys CSI Global; Novell to Merge with Attachmate
  5. Mid-Day Update: Stocks Trending Lower; Ireland Remains Investor Focus Through Session’s First Half
  6. Market Alert – Top 9 Stocks to Watch
  7. Netflix, Novell pace broad tech gains
  8. US HOT STOCKS: Novell, Green Mountain, Netflix, Regeneron
  9. Citi Trends, Green Mountain, Netflix, Novell
  10. Volume Spike Detected in Shares of Novell as They Move Higher on 26.3x Above-Average Volume (NOVL)
  11. A Bailout for Ireland Weighs Heavily on Markets (yes, it mentions Novell)
  12. Rice Says Google Purchase of Groupon Is `Fantastic Idea’: Video (ditto)
  13. Irish bailout fails to prevent stocks slumping on Wall Street
  14. Nasdaq 3 Most Active Stocks (NOVL, GMCR and CRUS)
  15. Stock Gainers To Watch: NOVL, AFFY, CLDX
  16. Massey Energy’s Board Orders Review of ‘Strategic Alternatives’
  17. Apple Pulls Special SIM For iPhone 5
  18. US Stocks Drop As Worries Over Euro-Zone Debt Persist; DJIA Off 76
  19. US Stocks Sink; Financials Drop After FBI Raids Hedge Funds
  20. US STOCKS-Wall St drops on euro-zone debt worries, banks
  21. US STOCKS-Wall St drops on euro-zone debt worries, banks
  22. Top 5 Companies in the Technology Sector With the Best Relative Performance (CRUS, NOVL, VIT, SNDK, AMKR)
  23. Windows onto Microsoft’s enemies on Wall Street
  24. Most Active Stocks In Morning Session 11/22/10 (Citigroup, Novell, Bank of America, Las Vegas Sands, Cisco) by EquityMarketReport.com
  25. Stocks Fall on Irish Bailout; Tyson, M&A in Focus
  26. Bank worries drag down stocks
  27. Bye-Bye, Novell!
  28. Goldman, Tyson Foods, Novell are big movers
  29. Green Mountain Coffee And Novell Help Nasdaq Go Green
  30. Novell Jumped the Most in the S&P 500
  31. Moody’s Buys Financial Training Firm, Novell Goes Private
  32. Bank of Ireland, Dundee, Novell: U.S. Equity Movers
  33. Stock Market update: Stocks fall after fears of insider trading Wall Street FBI raid
  34. News Summary
  35. Nasdaq stocks posting largest volume increases
  36. Stocks Shed Losses to End Mixed
  37. Market Focus with Tom Hudson
  38. Thai Stocks May Snap Winning Streak
  39. Today’s Big Gainers: NOVL, REGN, TSO, HUM, OSUR, MAGS
  40. US stocks end mixed…Banks fall
  41. Weaker Opening For New Zealand Market
  42. Markets Close Lower after FBI’s Insider Trading Probe
  43. Stock Movers In Late Morning Session (SJI, Novell, APRI)
  44. Stock Movers In Late Morning Session (SJI, Novell, APRI)
  45. Percentage Losers in Review at NASDAQ Technology Sector are LTXC, VRGY, PWER, NOVL and SHOR
  46. Percentage Losers in Review at NASDAQ Technology Sector are LTXC, VRGY, PWER, NOVL and SHOR
  47. Options Brief: Novell, Inc. (NOVL)
  48. Today in Tech
  49. Business briefs: Economy to be feeble in 2011, experts predict
  50. BUYINS.NET: Market Maker Surveillance Report. HEME, XOP, IPWG, NYT, PFS, NOVL, Bullishly Biased Price Friction For Monday, November 22nd 2010
  51. Wall Street drops on euro-zone debt worries, banks
  52. Bank of Ireland, Dundee, Novell: U.S. Equity Movers
  53. CSCO, BRCD, ASTC, INTC, MU and NOVL are Most Active NASDAQ Stocks to Watch
  54. BestOfOTC.com Noticeable Active Stocks at NASDAQ: (CSCO, QQQQ, MSFT, BRCD, INTC, NOVL, ORCL)
  55. CSCO, BRCD, ASTC, INTC, MU and NOVL are Most Active NASDAQ Stocks to Watch
  56. U.S., World Stocks Fall on Korean Tension; GDP Revised Up 2.5%
  57. Hot Performers of the Day at NASDAQ – MYL, DELL, BRCD, NOVL, ARTG
  58. 7 Reasons to Worry About Next Week
  59. Nasdaq 3 Most Active Stocks (NOVL, BRCD and ORCL)
  60. Wall Street losses led by financials

Novell was mentioned a lot because of the deal with AttachMSFT. It also got sued by shareholders, from more than a single direction in fact. As one site put it, “Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Novell, Inc. in Connection with the Proposed Acquisition of the Company by Attachmate Corporation” (there are many such investigations, not just one, e.g. from Finkelstein Thompson LLP [1, 2], Abe Shainberg, and Brodsky & Smith LLC). As Jupitermedia put it (in a blog post):

Not everyone is happy about Attachmate’s bid to acquire Novell for $2.2 billion. In fact, the deal has now attracted at least two (and likely many more to come) legal ‘investigations’ which could ultimately result in class action law suits.

One of the investigations is being led by Weiss & Lurie, a national class action and shareholder rights law firm while a second investigation is being run by Kendal Law Group, led by former federal judge Joe Kendall.

Both groups are going to examine whether or not Novell has breached its fiduciary duty with the proposed Attachmate deal, by not getting the best deal possible for Novell’s shareholders.

There should be antitrust action, not just this form action where money is the central issue. Novell’s board got filled with Microsoft-friendly people over the years, as we covered at the time it happened (multiple examples), so the sale of company assets to Microsoft is not at all shocking. It’s a fine example of entryism and market distortion.

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