A lawsuit was filed for investors in shares of Sotheby’s (NYSE: BID) in connection with the proposed takeover and NYSE: BID stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/31/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Sotheby's (NYSE: BID), filed a lawsuit against the takeover of Sotheby's.
Investors who purchased shares of Sotheby's (NYSE: BID) and currently hold any of those NYSE: BID shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: BID stockholders by agreeing to sell Sotheby's cheaply via an unfair process.
New York based Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. On June 17, 2019, Sotheby's (NYSE: BID) announced that it has signed a merger agreement to be acquired by BidFair USA. Under the terms of the agreement, shareholders, including employee shareholders, will receive $57.00 in cash per share of Sotheby's common stock in a transaction with an enterprise value of $3.7 billion.
However, plaintiff claims that the proposed consideration NYSE: BID shareholders will receive is grossly inadequate and undervalues Sotheby's. In addition, the plaintiff alleges that the process is also unfair NYSE: BID stockholders. Indeed, NYSE: BID shares rose to as high as $59.03 per share on June 21, 2019.
Those who are current investors in Sotheby's (NYSE: BID) 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
About Shareholders Foundation, Inc.
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.