A lawsuit was filed for investors in shares of NetSuite Inc (NYSE:N) in connection with the proposed takeover was announced and NYSE:N stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/07/2016 -- The Shareholders Foundation announced that an investor who currently holds shares of NetSuite Inc (NYSE:N), filed a lawsuit in effort to halt the proposed takeover of NetSuite Inc . by Oracle for $109 per share.
Investors who purchased shares of NetSuite Inc (NYSE:N) and currently hold any of those NYSE:N 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 NYSE:N stockholders by agreeing to sell NetSuite Inc too cheaply via an unfair process to Oracle.
On July 28, 2016, Oracle (NYSE: ORCL) announced that it has entered into a definitive agreement to acquire NetSuite (NYSE: N), the very first cloud company. The transaction is valued at $109.00 per share in cash, or approximately $9.3 billion.
However, the investigation concerns whether the offer is unfair to NYSE:N stockholders. More specifically, the investigation concerns whether the NetSuite 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.
However, plaintiff claims that the proposed consideration NYSE:N shareholders will receive is grossly inadequate and undervalues NetSuite Inc. NetSuite Inc reported that its annual Total Revenue rose from $308.82 million in 2012 to $741.15 million in 2015. Shares of NetSuite Inc (NYSE:N) reached as high as $115.57 per share in early 2014. In addition, the plaintiff alleges that the process is also unfair to NetSuite stockholder.
On September 6, 2016, NYSE:N shares closed at $108.91 per share.
Those who are current investors in NetSuite Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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