September 25, 2020 - The court granted in part and denying in part the defendants' motion to dismiss.

February 18, 2020 - A motion to dismiss the amended complaint was filed.

December 20, 2019 - An amended complaint was filed.

September 6, 2019 - An investor, who SOLD shares of MINDBODY, Inc. (NASDAQ: MB), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by MINDBODY, Inc. in connection with certain allegedly false and misleading statements made between November 7, 2018 through February 15, 2019.

San Luis Obispo, CA based MINDBODY, Inc. operates a cloud-based business management software and payments platform for the small and medium-sized businesses in the wellness services industry.

According to the complaint the plaintiff alleges on behalf of sellers of MINDBODY, Inc. (NASDAQ: MB) common shares between November 7, 2018 through February 15, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that on November 6, 2018, Defendants intentionally issued disappointing guidance for the Company's upcoming fourth quarter 2018 in order to artificially depress the price of the Company's stock, attributing it to integration issues with MINDBODY's early 2018 acquisitions. MINDBODY Class A common stock declined by approximately 20 percent on November 7, 2018.

Then, on December 24, 2018, MINDBODY, Inc. (NASDAQ: MB) announced that it has entered into an agreement to be acquired by Vista Equity Partners. Under the terms of the agreement, Vista Equity Partners will acquire all outstanding shares of MINDBODY common stock for a total value of approximately $1.9 billion. MINDBODY shareholders will receive $36.50 in cash per share.

However, the plaintiff alleges that unknown to MINDBODY investors was that by January 18, 2019, Defendants knew that the Company's fourth quarter 2018 results had materially exceeded not only current analyst estimates, but also those estimates issued prior to the disappointing November 6, 2018 guidance.

Furthermore, the plaintiff says that during January and February, Defendants issued proxy materials urging MINDBODY shareholders to vote 'FOR' the transaction, touting the price of $36.50 as a substantial premium for MINDBODY shareholders while in reality these proxy materials, failed to disclose the 'meaningful' fourth quarter 2018 results necessary for investors to make an informed decision whether to vote in favor of the proposed transaction.

MINDBODY shareholders approved the transaction on February 14, 2019 The plaintiff claims that as a result of these material misrepresentations and omissions, MINDBODY shareholders were misled into selling their shares for less than the fair value of those shares, which fair price was greater than $36.50.