A lawsuit was filed for investors in shares of Quantenna Communications, Inc. (NASDAQ: QTNA) in connection with the proposed takeover and NASDAQ: QTNA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/22/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Quantenna Communications, Inc. (NASDAQ: QTNA), filed a lawsuit against the takeover of Quantenna Communications, Inc..
Investors who purchased shares of Quantenna Communications, Inc. (NASDAQ: QTNA) and currently hold any of those NASDAQ: QTNA 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: QTNA stockholders by agreeing to sell Quantenna Communications, Inc. cheaply via an unfair process.
San Jose, CA based Quantenna Communications, Inc. designs, develops, and markets wireless communication solutions enabling wireless local area networking in the Asia-Pacific, Europe, the Middle East, Africa, and the Americas. On Mar. 27, 2019, ON Semiconductor Corporation (Nasdaq: ON) and Quantenna Communications, Inc.(Nasdaq: QTNA) announced that they have entered into an agreement for ON Semiconductor to acquire Quantenna for $24.50 per share in an all cash transaction.
However, plaintiff claims that the proposed consideration NASDAQ: QTNA shareholders will receive is grossly inadequate and undervalues Quantenna Communications, Inc. Indeed, at least one analyst has set the high target price for NASDAQ: QTNA shares at $25.00 per share. Quantenna Communications, Inc. reported that its annual Total Revenue rose from $176.35 million in 2017 to $220.46 million in 2018. In addition, the plaintiff alleges that the process is also unfair NASDAQ: QTNA stockholders. The plaintiff claims that the defendants agreed to preclusive merger protection devices, such as a $32 million termination fee provision and a no solicitation provision, that deter other bidders from making a superior offer for Quantenna Communications, Inc.
Shares of Quantenna Communications, Inc. (NASDAQ: QTNA) closed on May 21, 2019 at $24.11 per share.
Those who are current investors in Quantenna Communications, Inc. (NASDAQ: QTNA) 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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