A lawsuit was filed for investors in shares of Sizmek Inc (NASDAQ:SZMK) in connection with the proposed takeover was announced and NASDAQ:SZMK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/06/2016 -- The Shareholders Foundation announced that an investor who currently holds shares of Sizmek Inc (NASDAQ:SZMK), filed a lawsuit in effort to halt the proposed takeover of Sizmek Inc by affiliates of private equity firm Vector Capital for $3.90 per share.
Investors who purchased shares of Sizmek Inc (NASDAQ:SZMK) and currently hold any of those NASDAQ:SZMK 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:SZMK stockholders by agreeing to sell Sizmek Inc too cheaply via an unfair process to affiliates of private equity firm Vector Capital.
On August 03, 2016, Sizmek Inc (announced that it has entered into an agreement with affiliates of private equity firm Vector Capital under which an affiliate of Vector will acquire all of the outstanding shares of Sizmek Inc (NASDAQ:SZMK) common stock for $3.90 per share in an all-cash tender offer.
However, plaintiff claims that the proposed consideration NASDAQ:SZMK shareholders will receive is grossly inadequate and undervalues Sizmek Inc. Indeed, NASDAQW:SZMK shares traded in 2015 as high as $7.90 per share. In addition, the plaintiff alleges that the process is also unfair to NASDAQW:SZMK stockholder.
Shares of Sizmek Inc (NASDAQ:SZMK) closed on September 2, 2016 at $3.89 per share.
Those who are current investors in Sizmek Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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