A lawsuit was filed for investors in shares of RealD (NYSE:RLD) in connection with the proposed takeover was announced and NYSE:RLD stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/18/2016 -- A shareholder in NYSE:RLD shares filed a lawsuit against the acquisition of RealD by Rizvi Traverse Management, LLC.
Investors who purchased shares of RealD (NYSE:RLD) and currently hold any of those NYSE:RLD shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of breached their fiduciary duties owed to investors in connection with the proposed acquisition.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:RLD stockholders by agreeing to sell RealD too cheaply via an unfair process to Rizvi Traverse Management, LLC.
On November 9, 2015, RealD (NYSE:RLD) and Rizvi Traverse Management, LLC announced that they have entered into an agreement pursuant to which Rizvi Traverse Management, LLC will acquire RealD (NYSE:RLD for $11.00 per share, in an all-cash merger transaction.
However, the plaintiff claims that the proposed consideration NYSE:RLD shareholders will receive is grossly inadequate and undervalues RealD. Indeed, at least one analyst has set the high target for NYSE:RLD shares at $15.00 per share and NYSE:RLD shares traded in the open market as recently as July 2015 as high as $12.99 per share.
In addition, the plaintiff alleges that the process is also unfair to NYSE:RLD stockholders. Indeed, in connection with the merger agreement, the Chairman and Chief Executive Officer of RealD Michael V.Lewis has already signed customary support agreements pursuant to which he has agreed to vote his shares in favor of the merger.
On February 17, 2016, NYSE:RLD shares closed at $10.62 per share.
Those who are current investors in RealD (NYSE:RLD) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego