Art Technology Group, Inc./Oracle Corporation Merger Litigation

Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of Art Technology Group, Inc. challenging Oracle Corporation's acquisition of Art Technology Group based on proxy materials that are incomplete and inadequate.

Specifically, Gardy & Notis, LLP filed a motion for a preliminary injunction seeking to prevent the shareholder vote on the acquisition because the proxy materials failed to properly disclose the work that Art Technology Group's financial advisor, Morgan Stanley & Co. Incorporated, had performed for Oracle or the fees that Morgan Stanley was paid for that work.

Following expedited proceedings and document and deposition discovery, the Delaware Court of Chancery on December 21, 2010 issued an Order granting the preliminary injunction. The Court preliminarily enjoined the acquisition until Art Technology Group and Oracle disclose to Art Technology shareholders (i) the aggregate compensation Oracle has paid to Morgan Stanley during each of 2007, 2008, 2009 and 2010 and (ii) a description of the nature of the services Morgan Stanley provided to Oracle.

The case is In re Art Technology Group, Inc. Shareholders Litigation, Consolidated C.A. No. 5955-VCL, Delaware Court of Chancery.

For more information regarding the lawsuit or to obtain a copy of the complaint or any Court filings, please contact us.