A lawsuit was filed for investors in shares of RetailMeNot Inc (NASDAQ:SALE) in connection with the proposed takeover and NASDAQ:SALE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/02/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of RetailMeNot Inc (NASDAQ:SALE), filed a lawsuit in effort to halt the proposed takeover of RetailMeNot Inc. by Harland Clarke Holdings Corp for $11.60 per share.
Investors who purchased shares of RetailMeNot Inc (NASDAQ:SALE) and currently hold any of those NASDAQ:SALE shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SALE stockholders by agreeing to sell RetailMeNot Inc cheaply via an unfair process to Harland Clarke Holdings Corp.
On April 10, 2017, Harland Clarke Holdings Corp. announced it has reached an agreement to acquire RetailMeNot, Inc. (NASDAQ:SALE). Under the agreement, Harland Clarke Holdings will acquire all of the outstanding shares of RetailMeNot Inc (NASDAQ:SALE) Series 1 common stock for $11.60 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:SALE shareholders will receive is grossly inadequate and undervalues RetailMeNot, Inc. In addition, the plaintiff alleges that the process is also unfair NASDAQ:SALE stockholders. Furthermore, the plaintiff claims that the solicitation statement omits material information with respect to the proposed transaction, which renders the solicitation statement false and misleading. The plaintiff claims that the solicitation statement leaves out a host of important numbers, including net income, depreciation, tax information, operating expenses, and an explanation of how any nonstandard accounting measures used square up with standard accounting measures.
Shares of RetailMeNot Inc (NASDAQ:SALE) closed on May 1, 2017 at $11.57 per share.
Those who are current investors in RetailMeNot Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego