Harbourvest International Private Equity Partners II-Direct Fund, L.P. v. Axent Technologies, Inc.

The plaintiffs HarbourVest International Private Equity Partners II-Direct Fund, L.P. (“HarbourVest L.P.”) and Gregory Reyes (“Reyes”) (collectively “HarbourVest”) brought this action to recover damages arising out of the alleged misrepresentations and omissions surrounding a “stock swap” by defendants, Axent Technologies, Inc. (“Axent”), Axent’s Chairman and Chief Executive Officer, John C. Becker (“Becker”), and Gabriel A. Battista, John F. Burton, Timothy A. Davenport, Richard A. Lefebvre and Kevin A. Mc-Nerney, outside directors of Axent (the “Defendant Directors”). The plaintiffs allege…