A lawsuit was filed for investors in shares of Bojangles’, Inc. (NASDAQ: BOJA) in connection with the proposed takeover and NASDAQ: BOJA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/17/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Bojangles', Inc. (NASDAQ: BOJA), filed a lawsuit against the takeover of Bojangles', Inc.
Investors who purchased shares of Bojangles', Inc. (NASDAQ: BOJA) and currently hold any of those NASDAQ: BOJA shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: BOJA stockholders by agreeing to sell Bojangles', Inc. cheaply via an unfair process.
On November 06, 2018, Bojangles', Inc. (NASDAQ: BOJA) announced that it has entered into an agreement to be acquired by Durational Capital Management LP and The Jordan Company, L.P. Under the terms of the agreement, Durational Capital Management LP and The Jordan Company, L.P. will acquire the Company in an all cash transaction. Bojangles' stockholders will receive $16.10 per share.
However, plaintiff claims that the proposed consideration NASDAQ: BOJA shareholders will receive is grossly inadequate and undervalues Bojangles', Inc. Indeed, shares of Bojangles', Inc. (NASDAQ: BOJA) traded prior to the takeover announcement in the open market as recently as October 8, 2018 as high as $16.85 per share.
Bojangles', Inc. reported that its annual Total Revenue rose from $531.88 million in 2016 to $547.43 million in 2017 and that its Net Income increased from $37.71 million in 2016 to $72 million in 2017. Shares of Bojangles', Inc. (NASDAQ: BOJA) reached as high as $22.15 per share in May 2017.
In addition, the plaintiff alleges that the process is also unfair NASDAQ: BOJA stockholders. Indeed, concurrently with the execution of the acquisition agreement, Bojangles' majority stockholder executed already a customary voting agreement whereby it agreed (among other things) to vote its shares in favor of the acquisition..
Those who are current investors in Bojangles', Inc. (NASDAQ: BOJA) shares have certain options and should contact the Shareholders Foundation.
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.
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