It was set up to be an exact copy of the Tantive IV so as to fool Imperial forces into thinking that Princess Leia was on board. Shortly after Leia received the Death Star plans, she set course for Tatooine and was followed by the Tantive V.
Darth Vader, thinking the Tantive V to be the Tantive IV, captured the ship and brought it aboard his Star Destroyer. As soon as the stormtroopers breached the Tantive V, they were beset upon by a being they thought was Princess Leia. Vader himself was not fooled, however, and it was soon revealed that the being combating them was in fact Abso Bar Binks.
After the Imperial troops captured all the remaining Gungans on board, Abso was thrown in with them. Though the stormtroopers wanted to kill the Gungans, Vader stopped them and informed them that they were not even worth their blaster fire.
The Tantive V was set adrift from the Star Destroyer, and a mere hour later the Tantive IV was captured by the Devastator.
This vessel only appears in the story Tantive IV, published in Star Wars Manga: Black issue of Tokyopop's Star Wars Manga. Originally published in Japan, those stories were considered to be of "fuzzy" continuity by Lucasfilm. Since then, they have been republished in English in the United Kingdom under Infinities label, which established the material in them as non-canonical.