An investor in NASDAQ:VA shares filed a lawsuit against the takeover of Virgin America Inc by Alaska Air Group, Inc for $57.00 per share.
Investors who purchased shares of Virgin America Inc (NASDAQ:VA) and currently hold any of those NASDAQ:VA 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:VA stockholders by agreeing to sell Virgin America Inc too cheaply via an unfair process to Alaska Air Group, Inc.
On April 4, 2016, Alaska Air Group, Inc. (NYSE: ALK), parent company of Alaska Airlines, and Virgin America Inc. (NASDAQ: VA) announced that their boards of directors have unanimously approved a definitive merger agreement, under which Alaska Air Group will acquire Virgin America for $57.00 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:VA shareholders will receive is grossly inadequate and undervalues Virgin America Inc. Indeed, Virgin America Inc reported that its annual Total Revenue rose from over $1.48 billion in 2014 to over $1.52 billion in 2015 and that its Net Income increased from $60.11 million in 2014 to $340.54 million in 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:VA stockholders
On April 29, 2016, NASDAQ:VA shares closed at $55.69 per share.
Those who are current investors in NASDAQ:VA shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego