A lawsuit was filed for investors in shares of MINDBODY, Inc. (NASDAQ: MB) in connection with the proposed takeover and NASDAQ: MB stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/11/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of MINDBODY, Inc. (NASDAQ: MB), filed a lawsuit against the takeover of MINDBODY, Inc
Investors who purchased shares of MINDBODY, Inc. (NASDAQ: MB) and currently hold any of those NASDAQ: MB shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: MB stockholders by agreeing to sell MINDBODY, Inc. cheaply via an unfair process.
San Luis Obispo, CA based MINDBODY, Inc. operates a cloud-based business management software and payments platform for the small and medium-sized businesses in the wellness services industry. On December 24, 2018, MINDBODY, Inc. (NASDAQ: MB) announced that it has entered into an agreement to be acquired by Vista Equity Partners. Under the terms of the agreement, Vista Equity Partners will acquire all outstanding shares of MINDBODY common stock for a total value of approximately $1.9 billion. MINDBODY shareholders will receive $36.50 in cash per share.
However, plaintiff claims that the proposed consideration NASDAQ:MB shareholders will receive is grossly inadequate and undervalues MINDBODY, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:MB shares at $45.00 per share. Furthermore, MINDBODY, Inc. reported that its annual Total Revenue rose from $139.02 million in 2016 to $182.62 million in 2017 and that its Net Loss declined from $22.97 million in 2016 to $14.79 million in 2017. Shares of MINDBODY, Inc. (NASDAQ: MB) reached as high as $43.90 per share on September 25, 2018.
In addition, the plaintiff alleges that the process is also unfair NASDAQ: MB stockholders
Those who are current investors in MINDBODY, Inc. (NASDAQ: MB) shares have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.