Registered Agents Inc Purchases Large Amount of LegalZoom Stock
15 Julio 2024 - 4:03PM
Registered Agents Inc, one of the leading competitors to LegalZoom,
increased its investment in the company by acquiring an additional
82,500 shares for a purchase price of $500,000.
This brings their total investment in LegalZoom to
115,669 shares at a value of nearly $700,000. LegalZoom’s stock
dropped nearly 30% on Wednesday, July 10.
Despite industry and market chatter,
representatives from Registered Agents Inc are firm that the
purchase was an investment move, not a massively underfunded
hostile takeover attempt.
“Registered Agents Inc made a strategic investment.
We saw what was happening with LegalZoom and felt that the stock
was oversold,” said Bryce Myrvang, Chief Legal Counsel for
Registered Agents Inc. He emphasized that the recent purchase
represents only a 0.5% ownership stake, insufficient to exert
influence over LegalZoom’s operations.
LegalZoom is one of the most recognizable brands in
the business formation sector, while Registered Agents Inc, a
private, family-owned company, holds a significant market share
lead over LegalZoom.
Unlike LegalZoom, which requires clients to “opt
out” of data sales, Registered Agents Inc does not engage in the
selling of client data to third parties or "sharing" to third party
"partners.” Some analysts point to this practice—along with the
company’s robust customer support services—as an explanation for
its out-sized market share.
About Registered Agents
Inc:Registered Agents Inc (RAI) provides comprehensive
solutions for registered agent service and business entity
maintenance for more than 1 million companies nationwide. With
years of experience building network infrastructure and utilizing
advanced technology to provide real-time document delivery and
intuitive design, RAI delivers premium-level service to every
client.
Media Contact:
Registered Agents Inc
PR@registeredagentsinc.com