Robbins Umeda LLP Announces an Investigation of Ariba, Inc.
24 Mayo 2012 - 5:07PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of
Ariba, Inc. (NASDAQ: ARBA) in connection with their efforts to sell
the company to SAP AG (NYSE: SAP). Concerned shareholders who would
like more information about their rights and potential remedies can
contact attorney Gregory E. Del Gaizo at (800) 350-6003,
info@robbinsumeda.com, or via the shareholder information form on
the firm's website.
On May 22, 2012, Ariba announced that it had entered into a
definitive merger agreement to be acquired by SAP. According to the
terms of the deal, SAP will acquire all outstanding shares of the
company through an all-cash transaction. Pursuant to the agreement,
Ariba shareholders will receive $45.00 in cash for each share of
the company they own. The transaction is expected to close during
the third quarter of 2012.
Robbins Umeda LLP's investigation focuses on whether Ariba's
board is undertaking a fair process to obtain maximum value and
adequately compensate shareholders in light of the company's recent
positive financial results. On April 26, 2012, Ariba reported
strong operating results for the second quarter of fiscal year 2012
that beat analyst expectations. The company reported $131.5 million
in revenue for the quarter, up 21% year over year and above
estimates of only $129 million. Additionally, Ariba reported
non-GAAP EPS of $0.25 for the second quarter of 2012, up 34% year
over year and above analyst projections of only $0.22.
Notably, at least one leading market analyst has released a
target price for Ariba that values the company's stock at $50.00
per share, while other analysts have voiced concern that SAP is
currently underpaying for Ariba. In the words of Richard Williams,
an analyst at Cross Research, "We think a counter-bid is likely and
have raised our target price to $50.00 from $40.00." Given the
company's impressive financial results and recent target prices,
Robbins Umeda LLP is examining the board's decision to sell Ariba
now at $45.00 per share rather than allow shareholders to continue
to participate in the company's continued success and future growth
prospects.
Robbins Umeda LLP attorneys highlight that Ariba's shareholders
have the option to file a class action lawsuit against the company
to secure the best possible price for the company's shareholders
and the disclosure of material information to shareholders so they
can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/ariba-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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