A lawsuit was filed for investors in shares of CardConnect Corp (NASDAQ:CCN) in connection with the proposed takeover and NASDAQ:CCN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/23/2017 -- The Shareholders Foundation announced that an investor, who currently holds shares of CardConnect Corp (NASDAQ:CCN), filed a lawsuit in effort to halt the proposed takeover of CardConnect Corp. by First Data Corporation for $15.00 per share is unfair to NASDAQ:CCN stockholders.
Investors who purchased shares of CardConnect Corp (NASDAQ:CCN) and currently hold any of those NASDAQ:CCN shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CCN stockholders by agreeing to sell CardConnect Corp cheaply via an unfair process to First Data Corporation
On May 29, 2017, First Data Corporation (NYSE: FDC) and CardConnect Corp. (NASDAQ: CCN) announced today that they have entered into a merger agreement for First Data to acquire all of the outstanding shares of common stock of CardConnect for $15.00 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ: CCN shareholders will receive is grossly inadequate and undervalues CardConnect Corp. Indeed, at least one analyst has set the high target price for NASDAQ:CCN shares at $17.00 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ: CCN stockholders
On June 22, 2017, CardConnect Corp (NASDAQ:CCN) shares closed at $15.05 per share.
Those who are current investors in CardConnect Corp shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego