An investigation on behalf of investors of Market Leader Inc (NASDAQ:LEDR) in connection with the proposed takeover was announced and NASDAQ:LEDR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/13/2013 -- An investigation on behalf of investors in Market Leader Inc (NASDAQ:LEDR) shares was announced concerning whether the offer by Trulia, Inc. to acquire Market Leader Inc for a value of approximately $11.33 per NASDAQ:LEDR share and the takeover process are unfair to investors in Market Leader shares.
Investors who purchased shares of Market Leader Inc (NASDAQ:LEDR) prior to May 8, 2013, and currently hold any of those NASDAQ:LEDR shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Market Leader Inc breached their fiduciary duties owed to NASDAQ:LEDR investors in connection with the proposed acquisition.
On May 8, 2013, Trulia, Inc. (NYSE: TRLA) announced that it has entered into an agreement to acquire Market Leader, Inc. (NASDAQ: LEDR) for approximately $355 million, or an implied price of $11.33 per share (based on Trulia’s closing share price on Tuesday, May 7, 2013). Market Leader’s shareholders will receive $6.00 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader common stock under the terms of the agreement.
However, the investigation a law firm concerns whether the offer is too low for NASDAQ:LEDR stockholders. More specifically, the investigation focuses on whether the Market Leader Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Market Leader Inc reported that its annual Total Revenue rose from $34.02 million in 2011 to $44.99 million in 2012 and that its Net Loss declined from $14.24 million in 2011 to $7.78 million in 2012.
Shares of Market Leader Inc (NASDAQ:LEDR) grew from $1.90 per share in late 2010 to as high as $10.10 in late April 2013.
On May 10, 2013, NASDAQ:LEDR shares closed at $10.86 per share.
Those who are current investors in Market Leader Inc (NASDAQ:LEDR), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego