UPDATE
On July 11, 2025, we filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Zappia v. AvidXchange Holdings, Inc., et al., Case No. 1:25-cv-5727-ER, on behalf of a class (“Class”) of individuals and entities holding the common stock of AvidXchange Holdings, Inc. (NASDAQ: AVDX) (“Avid”) as of the close of business on July 11, 2025 (“Class Period”), asserting claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, and under Delaware law, in connection with the proposed sale of Avid to TPG Global, LLC and Corpay, Inc. in exchange for $10.00 per share in cash.
Avid investors are hereby notified that not later than 60 days after the date of this notice, any member of the purported Class may move the Court to serve as lead plaintiff of the purported Class in this class action lawsuit.
If you wish to learn more about this class action lawsuit, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please complete and submit the form below.
A copy of the complaint may be downloaded from the right sidebar.
ORIGINAL
We are investigating the fairness of the proposed sale of AvidXchange Holdings, Inc. (Nasdaq: AVDX) (“Avid”) to TPG Global LLC (“TPG”) and Corpay, Inc. (“Corpay”) for $10.00 per share in cash.
On June 18, 2025, Avid filed a preliminary proxy statement (“Proxy”) with the SEC under Section 14(a) of the Exchange Act soliciting Avid stockholders to vote for the proposed sale at a special meeting yet to be scheduled. In our opinion, the Proxy fails to disclose all material facts relating to certain potential conflicts of interest.
If you remain an Avid shareholder and have concerns about the proposed sale, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On May 6, 2025, Avid announced that it had agreed to be sold to TPG and Corpay for $10.00 per share in cash.
Certain members of the AvidXchange senior management team, including the Chief Executive Officer, Michael Praeger, have agreed to roll over a significant chunk of their current equity in support of the deal. No such opportunity is being made available to public stockholders.
On June 18, 2025, Avid filed the Proxy with the SEC soliciting Avid stockholders to vote for the proposed sale at a special meeting yet to be scheduled. In our opinion, the Proxy fails to disclose all material facts relating to certain potential conflicts of interest.
“We are investigating whether the Avid Board of Directors acted in the best interests of Avid shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Avid shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”