A lawsuit was filed by investor in shares of Move Inc. (NASDAQ:MOVE) in effort to stop the proposed takeover and NASDAQ:MOVE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/12/2014 -- An investor, who currently holds shares of Move Inc. (NASDAQ:MOVE), filed a lawsuit in effort to halt the proposed takeover of Move Inc. by News Corp for $21 per share.
Investors who purchased shares of Move Inc. (NASDAQ:MOVE) and currently hold any of those NASDAQ:MOVE shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:MOVE stockholders by agreeing to sell Move Inc too cheaply via an unfair process to News Corp
On September 30, 2014, News Corp and Move, Inc. announced that News Corp has agreed to acquire Move Inc. Under the acquisition agreement News Corp will acquire all the outstanding shares of Move Inc. for $21 per share, or approximately $950 million (net of Move’s existing cash balance), via an all-cash tender offer.
However, the plaintiff claims that the $21-offer is too low and undervalues Move, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:MOVE shares at $23.00 per share. In addition, Move Inc. reported that its annual Total Revenue rose from $191.72 million in 2011 to $227.03 million in 2013. Shares of Move Inc. (NASDAQ:MOVE) grew from $7.18 per share in December 2012 to as high as $18.30 per share in October 2013.
On November 10, 2014, NASDAQ:MOVE shares closed at $20.99 per share.
Those who are current investors in Move Inc. (NASDAQ:MOVE) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego