A lawsuit was filed for investors in shares of BroadSoft Inc (NASDAQ:BSFT) in connection with the proposed takeover and NASDAQ:BSFT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/29/2017 -- The Shareholders Foundation announces that an investor in NASDAQ:BSFT share, filed a lawsuit against the acquisition of BroadSoft Inc. by Cisco.
Investors who purchased shares of BroadSoft Inc (NASDAQ:BSFT) and currently hold any of those NASDAQ:BSFT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:BSFT stockholders by agreeing to sell BroadSoft Inc cheaply via an unfair process to Cisco.
On October 23, 2017 – Cisco (NASDAQ: CSCO) and BroadSoft Inc (NASDAQ:BSFT) announced an agreement for Cisco to acquire publicly-held BroadSoft Inc (NASDAQ:BSFT). Pursuant to the agreement, Cisco will pay $55 per share, in cash, in exchange for each share of BroadSoft Inc (NASDAQ:BSFT), or an aggregate purchase price of approximately $1.9 billion net of cash, assuming fully diluted shares including conversion of debt.
However, plaintiff claims that the proposed consideration NASDAQ:BSFT shareholders will receive is grossly inadequate and undervalues BroadSoft Inc. BroadSoft Inc (NASDAQ:BSFT) reported that its annual Total Revenue rose from $278.84 million in 2015 to $340.96 million in 2016. In addition, the plaintiff alleges that the process is also unfair NASDAQ:BSFT stockholders.
Those who are current investors in BroadSoft Inc (NASDAQ:BSFT) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com