A lawsuit was filed for investors in shares of Inteliquent Inc in connection with the proposed takeover and NASDAQ:IQNT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/19/2016 -- The Shareholders Foundation announced that an investor who currently holds shares of Inteliquent Inc (NASDAQ:IQNT), filed a lawsuit against the takeover of Inteliquent Inc.
On November 02, 2016, Inteliquent Inc announced that it has entered into an agreement to be acquired by an affiliate of GTCR LLC, a leading private equity firm, and merged with a subsidiary of Onvoy, LLC a fast-growing leader in Communications Enablement services.
Investors who purchased shares of Inteliquent Inc (NASDAQ:IQNT) and currently hold any of those NASDAQ:IQNT 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:IQNT stockholders by agreeing to sell Inteliquent Inc too cheaply via an unfair process.
Under the terms of the agreement, Inteliquent stockholders of record will receive $23.00 in cash per share of common stock.
However, the plaintiff claims that the proposed consideration NASDAQ:IQNT shareholders will receive is grossly inadequate and undervalues Inteliquent Inc. Indeed, at least one analyst has set the high target price for NASDAQ:IQNT shares at $24.00 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ:IQNT stockholders. The plaintiff alleges that the proxy statement prepared for the U.S. Securities and Exchange Commission is false and misleading because it allegedly does not share the timeline of communications between Inteliquent Inc and GTCR LLC leading up to the November 2, 2016 announcement of the merger, and allegedly does not disclose potential conflicts of interest for management and the board of directors. The plaintiff claims that the alleged omissions and allegedly false and misleading statements in the proxy statement are material in that a reasonable stockholder will consider them important in deciding how to vote on the proposed transaction.
Shares of Inteliquent Inc closed on December 16, 2016 at $22.79 per share.
Those who are current investors in Inteliquent Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego