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Wednesday, October 11, 2006

Large iPass (IPAS) Holder Shamrock Files Suit Seeking to Review Records

From 13D Tracker

In an amended 13D filing on iPass Inc. (Nasdaq: IPAS), 14% holder Shamrock Activist Value Fund said in an e-mail message and a letter dated October 4 from CEO Ken Denman, the Company rejected their request to review materials related to the merger with GoRemote. Accordingly, the Shamrock Activist Value Fund has filed a lawsuit in the Delaware Chancery Court on October 10, 2006 seeking to enforce their right to review the materials requested.

On September 27, Shamrock submitted a demand to inspect the books and records and other documents of iPass with respect to the February 15, 2006 merger with GoRemote. The firm belives there was either serious mismanagement by the Company and director failures or misleading disclosures, or both, with regard to the February 15, 2006 merger with GoRemote Internet Communications and the related integration that warrant their review.

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