Tripp Levy PLLC investigating the acquisition of Fusion-io, Inc. on behalf of its shareholders
June 16, 2014
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Fusion-io, Inc. (FIO) (“Fusion” or the “Company”) on behalf of its shareholders. SanDisk Corporation announced a definitive agreement to acquire Fusion. Under the terms of the agreement, SanDisk will commence a tender offer for all outstanding shares of Fusion for $11.25 per share in cash.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Fusion for not acting in Fusion shareholders’ best interests in connection with the sale process of the Company. The investigation seeks to determine if there was an adequate auction process and if SanDisk is underpaying for Fusion shares. Indeed, analysts have projected that the true going forward inherent value of the company is worth at least $16 per share. Further, Fusion stock traded as high as $15.59 per share within the past year. Moreover, the Company has no long term debt and has over $225 million of cash on its balance sheet, representing $2.09 per share in cash.
Tripp Levy PLLC represents individual and institutional investors in shareholder actions and, along with its affiliates, has recovered billions of dollars for shareholders in securities actions. Tripp Levy PLLC has become affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.