A lawsuit was filed for investors in shares of Cray Inc. (NASDAQ: CRAY) in connection with the proposed takeover and NASDAQ: CRAY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/02/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Cray Inc. (NASDAQ: CRAY), filed a lawsuit against the takeover of Cray Inc.
Investors who purchased shares of Cray Inc. (NASDAQ: CRAY) and currently hold any of those NASDAQ: CRAY shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: CRAY stockholders by agreeing to sell Cray Inc. cheaply via an unfair process.
Seattle, WA based Cray Inc., together with its subsidiaries, designs, develops, manufactures, markets, and services computing products for high-performance computing, data analytics, and AI markets. On May 17, 2019, Hewlett Packard Enterprise (NYSE:HPE) and Cray Inc. (Nasdaq: CRAY) announced that the companies have entered into a definitive agreement under which HPE will acquire Cray for $35.00 per share in cash, in a transaction valued at approximately $1.3 billion, net of cash.
However, plaintiff claims that the proposed consideration NASDAQ: CRAY shareholders will receive is grossly inadequate and undervalues Cray Inc. Indeed, following the takeover announcement shares of Cray Inc. (NASDAQ: CRAY) reached in the open market as high as $36.64 per share. Cray Inc. reported that its annual Total Revenue rose from $392.5 million in 2017 to $455.94 million in 2018 and that its Net Loss declined from $133.82 million in 2017 to $71.68 million in 2018. In addition, the plaintiff alleges that the process is also unfair NASDAQ: CRAY stockholders
Shares of Cray Inc. (NASDAQ: CRAY) closed on May 20, 2019 at $35.60 per share.
Those who are current investors in Cray Inc. (NASDAQ: CRAY) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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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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