SAP AG Announces Preliminary Court Approval of Class Action Settlement

SAP AG announced that the Superior Court of Alameda County, California (USA) has granted preliminary approval to a settlement of class action litigation arising out of the July 2010 acquisition of Sybase, Inc. by SAP's subsidiary, SAP America, Inc. The litigation was commenced following the May 12, 2010 announcement of the tender offer by SAP America, Inc. to acquire all of the outstanding shares of Sybase, Inc. common stock. Among other things, certain plaintiffs in the lawsuits claimed that the price paid to Sybase shareholders in the tender offer was too low and that the information disclosed to Sybase shareholders was insufficient. The settlement affects the rights of persons who held Sybase, Inc. common stock between May 12, 2010, and July 29, 2010 (Class Members). Under the terms of the settlement, which was agreed to in principle prior to the closing of the tender offer, investors were provided additional disclosures concerning the transaction; Class Members will release their claims relating to the transaction; and the defendants agreed not to oppose a request for attorney's fees by plaintiffs' counsel in an amount not exceeding $1,075,000, with the court ultimately deciding what amount to award to plaintiffs' counsel. Class Members who wish to take action regarding the settlement must do so no later than August 22, 2011. It is anticipated that the court will hold a hearing on or about September 9, 2011, to determine whether to grant final approval to the settlement.