Ping Shareholder Sues In Del. To Probe $327M Stock Sale

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By Leslie Pappas (January 4, 2022, 7:46 PM EST) — A Ping Identity Holding Corp. shareholder sued the enterprise security platform in Delaware’s Court of Chancery Tuesday, seeking to probe a $327 million stock sale by the company’s controlling shareholder a few months before its stock price crashed.

The Denver, Colorado-based identity security firm has ignored requests under Section 220 of Delaware’s corporate code, which allows a shareholder to investigate company documents for potential corporate mismanagement, shareholder Patrick Olin said in his complaint filed Tuesday.

“Enough is enough. Ping’s gamesmanship defeats the intent and purpose of Section 220, a summary procedure,” the complaint said.

Olin, a beneficial owner of Ping common…

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