A lawsuit was filed for investors in shares of Web.com Group, Inc. (NASDAQ: WEB) in connection with the proposed takeover.
San Diego, CA -- (SBWIRE) -- 09/18/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Web.com Group, Inc. (NASDAQ: WEB), filed a lawsuit against the acquisition of Web.com Group, Inc.
Investors who purchased shares of Web.com Group, Inc. (NASDAQ: WEB) and currently hold any of those NASDAQ: WEB 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: WEB stockholders by agreeing to sell Web.com Group, Inc cheaply via an unfair process.
Web.com Group, Inc. provides a range of Internet services to small businesses in North America, South America, and the United Kingdom. On June 21, 2018, Web.com Group, Inc. (NASDAQ:WEB) announced that it has entered into an agreement to be acquired by an affiliate of Siris Capital Group, LLC in an all-cash transaction valued at approximately $2 billion.
Under the terms of the agreement, an affiliate of Siris will acquire all of the outstanding common stock of Web.com for $25.00 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ: WEB shareholders will receive is grossly inadequate and undervalues Web.com Group, Inc. Indeed, at least one analyst has set the high target price for NASDAQ: WEB shares at $32.00 per share. Web.com Group, Inc. reported that its annual Total Revenue rose from $710.5 million in 2016 to $749.26 million in 2017 and that its Net Income increased from $3.99 million in 2016 to $53.62 million in 2017. In addition, the plaintiff alleges that the process is also unfair NASDAQ: WEB stockholders.
Those who are current investors in Web.com Group, Inc. (NASDAQ: WEB) shares have certain options and should contact the Shareholders Foundation.
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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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