SAN DIEGO, CA / ACCESSWIRE / October 21, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors, who SOLD shares of MINDBODY, Inc. (NASDAQ:MB) between November 7, 2018 through February 15, 2019.
Investors, who SOLD shares of MINDBODY, Inc. (NASDAQ:MB) between November 7, 2018 through February 15, 2019, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On December 24, 2018, MINDBODY, Inc. (NASDAQ: MB) announced that it has entered into an agreement to be acquired by Vista Equity Partners. Under the terms of the agreement, Vista Equity Partners would acquire all outstanding shares of MINDBODY common stock for a total value of approximately $1.9 billion. MINDBODY shareholders will receive $36.50 in cash per share.
However, the plaintiff alleges that unknown to MINDBODY investors was that by January 18, 2019, Defendants knew that the Company's fourth quarter 2018 results had materially exceeded not only current analyst estimates, but also those estimates issued prior to the disappointing November 6, 2018 guidance.
Furthermore, the plaintiff says that during January and February, Defendants issued proxy materials urging MINDBODY shareholders to vote 'FOR' the transaction, touting the price of $36.50 as a substantial premium for MINDBODY shareholders while in reality these proxy materials, failed to disclose the 'meaningful' fourth quarter 2018 results necessary for investors to make an informed decision whether to vote in favor of the proposed transaction.
MINDBODY shareholders approved the transaction on February 14, 2019
The plaintiff claims that as a result of these material misrepresentations and omissions, MINDBODY shareholders were misled into selling their shares for less than the fair value of those shares, which fair price was greater than $36.50.
Those who purchased who SOLD shares of MINDBODY, Inc. (NASDAQ: MB) between November 7, 2018 through February 15, 2019 should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a 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. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc