Actuate Merger with OpenText Under Investigation for Breach of Fiduciary Duties
December 24, 2014
An item on PR Newswire titled Lifshitz & Miller Law Firm Announces Investigation of Actuate Corporation, Albany Molecular Research Inc., Conn’s, Inc., Cubist Pharmaceuticals, Inc., Hawaiian Electric Industries, Inc., and Heritage Financial Group, Inc. offers a brief headline into the legal matter that OpenText finds itself embroiled in. Actuate Corporation is under investigation for possibly failing to seek the best possible value for Actuate’s shareholders before entering an agreement with Opentext. The article states,
“Lifshitz & Miller announces investigation into possible breaches of fiduciary duties in connection with the proposed sale of Actuate Corporation (“BIRT”) to OpenText Corporation in a cash transaction valued at approximately $ $330 million or $6.60 per share. For more information about our investigation, please contact Joshua M. Lifshitz, Esq. by telephone at (516) 493-9780 or by sending an e-mail including your contact information to: info@jlclasslaw.com.”
According to and article on Yahoo Finance titled Investor Alert: Investigation on Behalf of Actuate Corporation Shareholders Announced by Glancy Binkow & Goldberg LLP the mis-management claims facing Actuate’s board stem from the plummet in stock prices. In January 2014 the stock traded at $8.01, but since then have declined around 56%. The merger with OpenText Corporation valued the shares at $6.60.
Chelsea Kerwin, December 24, 2014
Sponsored by ArnoldIT.com, developer of Augmentext
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