A lawsuit was filed for investors in shares of Ellie Mae, Inc. (NYSE: ELLI) in connection with the proposed takeover and NYSE: ELLI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/21/2019 -- An investor, who currently holds shares of Ellie Mae, Inc. (NYSE: ELLI), filed a lawsuit against the takeover of Ellie Mae, Inc.
Investors who purchased shares of Ellie Mae, Inc. (NYSE: ELLI) and currently hold any of those NYSE: ELLI 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 NYSE: ELLI stockholders by agreeing to sell Ellie Mae, Inc. cheaply via an unfair process.
Pleasanton, CA based Ellie Mae, Inc. provides cloud-based platform for the mortgage finance industry in the United States. ON February 12, 2019, Ellie Mae, Inc. (NYSE: ELLI) announced that it has entered into an agreement to be acquired by Thoma Bravo, LLC in an all-cash transaction that values Ellie Mae at an aggregate equity value of approximately $3.7 billion. Under the terms of the agreement, all Ellie Mae, Inc. (NYSE: ELLI) shareholders will receive $99.00 in cash per share.
However, plaintiff claims that the proposed consideration NYSE: ELLI shareholders will receive is grossly inadequate and undervalues Ellie Mae, Inc. Indeed, at least one analyst has set the high target price for NYSE: ELLI shares at $135.00 per share and NYSE: ELLI shares traded as high as $116.08 per share in June 2018. In addition, the plaintiff alleges that the process is also unfair NYSE: ELLI stockholders
Those who are current investors in Ellie Mae, Inc. (NYSE: ELLI) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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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.