NEW YORK, NY / ACCESSWIRE / January 28, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against National Instruments Corporation ("NATI" or the "Company") (NASDAQ:NATI). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether NATI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until January 29, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired NATI securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
In April 2010, NATI adopted a program to repurchase shares of NATI common stock from time to time, depending on market conditions and other factors (the "2019 Program"). NATI amended the 2019 Program several times over the years to increase the number of shares that the Company could purchase under the program.
On October 23, 2019, NATI amended the 2019 Program to increase the number of shares that may be repurchased by 3,000,000 shares.
In January 2022, NATI adopted an additional stock repurchase program permitting the Company to repurchase up to $250 million of its common stock on the open market and, thereafter, purchased NATI stock on the open market (the "2022 Program"). The 2022 Program was in addition to the existing 2019 Program. Under the 2022 Program, shares could be repurchased from time to time in open market transactions, in privately negotiated transactions, or otherwise, and the timing and the other terms of the repurchase depended on a variety of factors, including legal requirements, economic and market conditions, and other investment opportunities. Unbeknownst to investors, at the time that NATI was repurchasing NATI stock, the Company had received a formal acquisition offer from Emerson Electric Co. ("Emerson") to purchase all outstanding shares of NATI common stock at prices significantly above the then-current market prices of NATI common stock, and therefore significantly above the prices at which NATI was repurchasing NATI common stock from the Company's shareholders. As news of Emerson's acquisition offer became public, NATI's stock price surged.
On October 11, 2023, Emerson completed its acquisition of NATI and delisted NATI's common stock.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP