San Diego, CA -- (SBWIRE) -- 03/12/2012 -- The announcement by Quest Software, Inc. that it agreed to be acquired for $23 per NASDAQ:QSFT caused an investigation for investors in Quest Software, Inc. (NASDAQ:QSFT) shares concerning whether the offer to acquire Quest Software, Inc. and the buyout process are unfair to investors in NASDAQ:QSFT shares.
Investors who are a current stockholders in Quest Software, Inc. (NASDAQ:QSFT) shares and purchased your NASDAQ:QSFT shares prior to March 9, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigations by law firms concern whether Quest Software, certain officers and directors, and/or others breached their fiduciary duties owed to Quest Software, Inc. (NASDAQ:QSFT) investors in connection with the proposed acquisition.
On, Friday, March 9, 2012 – Quest Software, Inc. (NASDAQ: QSFT) announced that it had entered into agreements with affiliates of Insight Venture Partners, under which stockholders not affiliated with the buyout group would receive $23.00 per share in cash, valuing the Company at approximately $2.0 billion.
Quest Software, Inc said the offer represents a 19-percent premium to the closing price on March 8, 2012.
Quest Software’s Chairman and CEO Vinny Smith, who approximately 34 percent of current shares outstanding, already agreed to roll over all of his existing shares and restricted stock units in Quest Software, Inc. (NASDAQ: QSFT).
However, following the buyout announcement shares of Quest Software, Inc. (NASDAQ:QSFT) jumped from $19.40 per share on Thursday to $24.13 per share on Friday. Additionally, at least one analyst has set the high target price for NASDAQ:QSFT shares at $29 per share., Both prices are well above well above the current offer. Fruthermore, NASDAQ:QSFT shares traded as early as July 2011 at $23.20,in April as high as $25.76 per share, and in December 2010 as high as $28.10 per share, leaving certain investors with no premium but rather asking them to hand their shares over at a discount.
Therefore the investigation for NASDAQ:QSFT investors concerns whether the Quest Software Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to Quest Software, Inc. (NASDAQ:QSFT) shareholders by failing to adequately shop the Company before entering into this transaction.
Those who are current investors in Quest Software, Inc. (NASDAQ:QSFT) and purchased their NASDAQ:QSFT shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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