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Stock Alert: Forescout Technologies Down 12%

Shares of Forescout Technologies, Inc. (FSCT) are currently slipping nearly 12% on Wednesday morning trade, after the cybersecurity company filed a lawsuit against Advent International for violation of its merger agreement.

FSCT is currently trading at $18.51, down $2.42 or 11.54%, on the Nasdaq.

Forescout has filed a complaint with the Delaware Court of Chancery asserting that affiliates of Advent International have violated the terms of their merger agreement with Forescout.

Forescout is asking the Court to compel Advent to honor its commitments and immediately complete the pending acquisition of Forescout.

Last Friday, Advent informed Forescout that it would not be proceeding to consummate the acquisition of Forescout on May 18, 2020, as scheduled.

In February, Forescout had agreed to be acquired by private equity group Advent International in an all-cash transaction valued at $1.9 billion. Forescout and Advent had received all necessary approvals to complete transaction.

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