07:38 AM EDT, 06/07/2024 (MT Newswires) -- Model N ( MODN ) is facing a legal challenge from a shareholder over Vista Equity Partners' proposed $1.25 billion takeover of the cloud revenue-management software firm, Bloomberg News reported, citing the complaint.

In a lawsuit filed on Thursday in New York, shareholder Matthew Hamilton sued Model N ( MODN ) and its directors and officers for alleged breach of fiduciary duty, claiming that the company's proxy statement was misleading and did not include information about executive benefits offered by Vista.

The lawsuit asked the court to block the deal until all material information is disclosed and the company has taken all steps to maximize shareholder value.

The shareholder vote on the deal is set for June 25.

The Model N ( MODN ) did not immediately respond to requests for comment from MT Newswires.

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