A lawsuit was filed for investors in shares of Sonic Corp. (NASDAQ: SONC) in connection with the proposed takeover and NASDAQ: SONC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/07/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Sonic Corp. (NASDAQ: SONC), filed a lawsuit against the takeover of Sonic Corp. by Inspire Brands, Inc.
Investors who purchased shares of Sonic Corp. (NASDAQ: SONC) and currently hold any of those NASDAQ: SONC 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: SONC stockholders by agreeing to sell of Sonic Corp. cheaply via an unfair process.
Oklahoma City, OK based Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees.
On September 25, 2018, Sonic Corp. (NASDAQ: SONC) and Inspire Brands, Inc.("Inspire") announced that they have entered into a merger agreement under which Inspire will acquire Sonic for $43.50 per share in cash in a transaction valued at approximately $2.3 billion including the assumption of Sonic's net debt.
However, plaintiff claims that the proposed consideration NASDAQ: SONC shareholders will receive is grossly inadequate and undervalues Sonic Corp. In addition, the plaintiff alleges that the process is also unfair Sonic Corp stockholders.
Shares of Sonic Corp. (NASDAQ: SONC) closed on September 28, 2018, at $43.34 per share.
Those who are current investors in Sonic Corp. (NASDAQ: SONC) 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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