A lawsuit was filed for investors in shares of Lionbridge Technologies, Inc. (NASDAQ:LIOX) in connection with the proposed takeover and NASDAQ:LIOX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/10/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of Lionbridge Technologies, Inc. (NASDAQ:LIOX), filed a lawsuit in effort to halt the proposed takeover of Lionbridge Technologies, Inc. by an affiliate of private equity investment firm H.I.G for $5.75 per share.
Investors who purchased shares of Lionbridge Technologies, Inc. (NASDAQ:LIOX) and currently hold any of those NASDAQ:LIOX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:LIOX stockholders by agreeing to sell Lionbridge Technologies, Inc. cheaply via an unfair process to an affiliate of private equity investment firm H.I.G.
On Dec. 12, 2016, Lionbridge Technologies, Inc. (NASDAQ:LIOX) announced that it has signed an agreement to be acquired by an affiliate of private equity investment firm H.I.G.. Under the terms of the agreement, Lionbridge Technologies, Inc. (NASDAQ:LIOX)stockholders will receive $5.75 per share in cash for each share.
However, plaintiff claims that the proposed consideration NASDAQ:LIOX shareholders will receive is grossly inadequate and undervalues Lionbridge Technologies, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:LIOX at $7.00 per share. Furthermore, Lionbridge Technologies, Inc. reported that its annual Total Revenue rose from $490.61 million in 2014 to $559.98 million in 2015 and that its respective Net Income rose from $8.11 million to $14.24 million. In addition, the plaintiff alleges that the process is also unfair NASDAQ:LIOX stockholders.
Shares of Lionbridge Technologies, Inc. (NASDAQ:LIOX) closed on May 9, 2017, at $5.87 per share.
Those who are current investors in Lionbridge Technologies, Inc. shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com