An investigation on behalf of investors of BlackBerry Ltd (NASDAQ:BBRY) in connection with the proposed takeover was announced and NASDAQ:BBRY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/24/2013 -- An investigation on behalf of investors, who currently hold shares of BlackBerry Ltd (NASDAQ:BBRY) shares, was announced concerning whether the takeover of BlackBerry Ltd by a consortium to be led by Fairfax Financial Holdings Limited is unfair to NASDAQ:BBRY stockholders.
Investors who purchased shares of the BlackBerry Ltd (NASDAQ:BBRY) and currently hold any of those NASDAQ:BBRY 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 BlackBerry Ltd breached their fiduciary duties owed to NASDAQ:BBRY investors in connection with the proposed acquisition.
On Friday, Sept. 20, 2013, BlackBerry Ltd announced its preliminary second quarter fiscal 2014 results. On Monday, Sept. 23, 2013, BlackBerry Ltd announced that it has signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence. BlackBerry Ltd said that the letter of intent contemplates a transaction in which BlackBerry shareholders would receive U.S. $9 in cash for each share of BlackBerry share they hold, in a transaction valued at approximately U.S. $4.7 billion.
However, given that shares of BlackBerry Ltd (NASDAQ:BBRY) traded on Sept. 20, 2013, at $10.488 per share, respectively $11.57 per share on Sept. 9, 2013, the investigation concerns whether the BlackBerry 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.
NASDAQ:BBRY shares traded in early 2013 as high as $17.90 and as recently as June 26, 2013 as high as $14.91 per share.
Following the potential takeover news shares of BlackBerry Ltd (NASDAQ:BBRY) jumped to $9.06 per share during Sept. 23, 2013.
Those who are current investors in BlackBerry Ltd (NASDAQ:BBRY) and purchased their NASDAQ:BBRY shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego