In November 2018, Dell Technologies was poised to re-enter the public markets by means of a complex recapitalization that would replace an entire class of publicly-traded "tracking stock," with new shares that would trade publicly without the need of a formal IPO. The tracking stock was meant to track the value of the publicly traded shares of the software company VMware, but from the outset had traded at a significant discount, sparking intense criticism from analysts and shareholders, including Carl Icahn. In July 2018 the company announced the recapitalization, in which tracking stock holders could exchange their shares for new Dell shares or cash worth $109 a share. Dell had subsequently increased its offer to $120 a share. While Icahn and other large shareholders responded favorably to the new offer, a group of shareholders filed a class action lawsuit against Dell, alleging the offer was "financially unfair and coercive," and that Dell's directors had breached their fiduciary duties to tracking stock holders.