An investor in Constant Contact Inc (NASDAQ:CTCT) filed a lawsuit against the takeover of Constant Contact Inc.
On November 2, 2015, Endurance International Group Holdings, Inc. and Constant Contact Inc (NASDAQ:CTCT) announced that the two companies have entered into an agreement under which Endurance International will acquire all of Constant Contact’s outstanding shares of common stock for $32.00 per share in cash
Investors who purchased shares of Constant Contact Inc (NASDAQ:CTCT) and currently hold any of those NASDAQ:CTCT 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:CTCT stockholders by agreeing to sell Constant Contact too cheaply via an unfair process to Endurance International Group Holdings, Inc
The plaintiff claims that the proposed consideration NASDAQ:CTCT shareholders will receive is grossly inadequate and undervalues Constant Contact Inc. Indeed, that at least one analyst has set the high target price for NASDAQ:CTCT shares at $50.00 per share and shares of Constant Contact Inc traded as recently as March 2015 as high as $42.93 per share. Furthermore, Constant Contact Inc reported that its annual Total Revenue rose from $285.38 million in 2013 to $331.68 million in 2014 and that its Net Income increased from $7.21 million in 2013 to $14.31 million in 2014. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:CTCT stockholders.
Shares of Constant Contact Inc (NASDAQ:CTCT) closed on January 8, 2016 at $28.64 per share.
Those who are current investors in Constant Contact Inc (NASDAQ:CTCT) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego