The New York State Supreme Court courthouse at 60 Centre Street on Foley Square in the Civic Center district of Manhattan, New York City. 'Pure Speculation': Judge Dismisses Breach of Contract Claims in Failed $558 Million Merger
Garda USA sued Sun Capital Partners and others in 2019, claiming the private equity group leaked information that allowed Garda's competitor to outbid the company.
July 12, 2023 at 03:59 PM
3 minute read
A Manhattan judge has dismissed breach of contract claims against private equity firm Sun Capital Partners, ruling that allegations of improper disclosures leveled by Garda USA after a failed $558 million merger transaction were purely speculative.
Garda sued Sun Capital and SOS Ultimate Holding, a mid-sized security company, alleging leaks of confidential information that allowed company Allied Security to outbid Garda for 100% of the equity interest of SOS. Garda's 2019 lawsuit alleged that Sun Capital repeatedly made false statements, wrongfully pursued deals with other buyers, shared Garda's purchase price with those buyers in violation of confidentiality agreements, and other claims.
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