A lawsuit was filed for investors in shares of Official Payments Holdings Inc (NASDAQ:OPAY) in effort to halt the proposed takeover and NASDAQ:OPAY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/30/2013 -- An investor, who currently hold shares of Official Payments Holdings Inc (NASDAQ:OPAY), filed a lawsuit in effort to halt the proposed takeover of Official Payments Holdings Inc by ACI Worldwide for $8.35 per NASDAQ:OPAY share.
Investors who purchased shares of the Official Payments Holdings Inc (NASDAQ:OPAY) and currently hold any of those NASDAQ:OPAY shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:OPAY stockholders arising out of the attempt to sell Official Payments Holdings Inc too cheaply via an unfair process to ACI Worldwide..
On September 23, 2013, ACI Worldwide (NASDAQ: ACIW), and Official Payments Holdings, Inc. (NASDAQ: OPAY) announced that they have entered into a transaction agreement. Under the terms of the agreement, ACI Worldwide will acquire Official Payments Holdings in an all cash transaction for $8.35 per share.
However, the plaintiff claims that the offer is too low and undervalues Official Payments Holdings, Inc. Indeed, analysts have set the target price for NASDAQ:OPAY shares at $10.00 per share and that NASDAQ:OPAY shares traded shortly before the takeover proposal at almost $8.74 per share.
Furthermore, Official Payments Holdings Inc reported that its Total Revenue rose from $130.17 million for the 12 months period that ended on Sept. 30, 2011 to $135.74 million for the 12 months period that ended on Sept. 30, 2012 and that its respective Net Loss declined from $7.21 million to $5.97 million.
Shares of Official Payments Holdings Inc (NASDAQ:OPAY) grew from $3.46 per share in Nov. 2011 to as high as $8.738 per share on Sept. 19, 2013.
On Oct. 29, 2013, NASDAQ:OPAY shares closed at $8.36 per share.
Those who are current investors in Official Payments Holdings Inc (NASDAQ:OPAY) and purchased their Official Payments Holdings shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego