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Quest Software, Inc. Investor Lawsuit Against Takeover Announced by Shareholders Foundation(March 14, 2012)
SAN DIEGO, CA -- (Marketwire) -- 03/14/12 -- The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current stockholders of Quest Software, Inc. (QSFT) in effort to stop the proposed takeover of Quest Software, Inc. by affiliates of Insight Venture Partners for $23.00 per share.
If you purchased shares of Quest Software, Inc. (QSFT) prior to March 9, 2012 and currently hold those QSFT stocks, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at [email protected] or call +1 (858) 779-1554.
On Friday, March 9, 2012, Quest Software, Inc. announced that it had entered into agreements with affiliates of Insight Venture Partners, under which stockholders not affiliated with the buyout group would receive $23.00 per share in cash.
However, the plaintiff says that the $23 offer is unfair to stockholders and undervalues Quest Software. Indeed, recent stock prices leave certain QSFT stockholders with no premium at all, but rather ask them to hand over their shares at a discount.
In fact, QSFT shares jumped from $19.40 on Thursday to $24.13 during Friday, thus above the offer. Furthermore, QSFT shares traded in April 2011 as high as $25.76 and in December 2010 even as high as $28.10 per share, also above the current offer. In addition, an analyst has set the target price for QSFT shares at $29 per share.
Further the plaintiff claims that the process is also unfair to QSFT stockholders. Indeed, Quest Software's Chairman and CEO, who approximately holds 34% of current shares outstanding, already agreed to support the transaction.
Those who currently are investors in Quest Software, Inc. (QSFT) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and 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. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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