An investigation on behalf of investors of Shutterfly, Inc. (NASDAQ: SFLY) in connection with the proposed takeover was announced and NASDAQ: SFLY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/19/2019 -- The takeover of Shutterfly, Inc. is under investigation concerning whether it. is unfair to NASDAQ: SFLY stockholders.
Investors who purchased shares of Shutterfly, Inc. (NASDAQ: SFLY) and currently hold any of those ASDAQ: SFLY shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of NASDAQ: SFLY breached their fiduciary duties owed to Shutterfly investors in connection with the proposed acquisition.
Redwood City, CA based Shutterfly, Inc. manufactures and retails personalized products primarily in the United States, Canada, and the European Community. On June 10, 2019-- Shutterfly, Inc.(Nasdaq: SFLY) announced that it has entered into an agreement with affiliates of certain funds (the "Apollo Funds") managed by affiliates of Apollo Global Management, LLC (NYSE: APO) pursuant to which the Apollo Funds will acquire all the outstanding shares of Shutterfly for $51.00 per share in cash, or enterprise value of approximately $2.7 billion.
However, given that at least one analyst has set the high target price for NASDAQ: SFLY shares at $57.00 per share, the investigation concerns whether the offer is unfair to NASDAQ: SFLY stockholders. More specifically, the investigation concerns whether the Shutterfly Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shutterfly, Inc. reported that its annual Total Revenue rose from over $1.19 billion in 2017 to over $1.96 billion in 2018 and that its Net Income increased from $30.08 million in 2017 to $50.39 million in 2018.
Shares of Shutterfly, Inc. (NASDAQ: SFLY) closed on June 18, 2019, at $50.59 per share.
Those who are current investors in Shutterfly, Inc. (NASDAQ: SFLY) shares have certain options and should contact the Shareholders Foundation.
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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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