A lawsuit was filed for investors in shares of Aquantia Corp. (NYSE: AQ) in connection with the proposed takeover and NYSE: AQ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/12/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Aquantia Corp. (NYSE: AQ), filed a lawsuit against the takeover of Aquantia.
Investors who purchased shares of Aquantia Corp. (NYSE: AQ) and currently hold any of those NYSE: AQ 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 NYSE: AQ stockholders by agreeing to sell Aquantia Corp. cheaply via an unfair process.
On May 6, 2019, Marvell Technology Group Ltd. (NASDAQ: MRVL) and Aquantia, Corp. (NYSE: AQ) announced an agreement, approved by the boards of directors of both companies, under which Marvell Technology Group Ltd will acquire all outstanding shares of Aquantia common stock in exchange for consideration of $13.25 per share in cash.
However, plaintiff claims that the proposed consideration NYSE: AQ shareholders will receive is grossly inadequate and undervalues Aquantia Corp.. Indeed, NYSE: AQ shares traded in the open market in 2018 as high as $18.45 per share. Aquantia Corp. reported that its annual Total Revenue rose from $103.37 million in 2017 to $120.78 million in 2018.
In addition, the plaintiff alleges that the process is also unfair NYSE: AQ stockholders. Indeed, in connection with the execution of the definitive agreement, certain stockholders of Aquantia, together holding approximately 17 percent of the outstanding shares of common stock of Aquantia, have already agreed to vote their shares in favor of the transaction under a voting and support agreement.
Those who are current investors in Aquantia Corp. (NYSE: AQ) 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.