Inovalon Holdings is targeted in New Del. Follows after a $7.3 billion sale

By Jeff Montgomery (August 9, 2022, 7:38 p.m. EDT) — Three Florida and Pennsylvania pension funds sued Inovalon Holdings Inc., a cloud-based healthcare data company, in the Court of Chancery on Tuesday. of Delaware, alleging breaches of fiduciary duty by individuals and funds named in a lawsuit filed last year ahead of the company’s $7.3 billion private sale.

The new complaint remained sealed Tuesday night, but he said the litigation was filed under Section 341 of Delaware’s General Corporations Act, which applies to “closed” non-public corporations with a limited number of restricted shares.

In the earlier lawsuit, dismissed only last week, lawyers for Steamfitters Local Pension and Retirement Security Funds…

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