SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of Rackspace Hosting, Inc. And Encourages I...
September 02 2016 - 11:55PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Rackspace Hosting,
Inc. (NYSE: RAX) (“Rackspace” or the “Company”) relating to
the proposed buyout of Rackspace by Apollo Global Management
LLC.
Under the terms of the agreement, Rackspace shareholders are
anticipated to receive $32.00 in cash for each share of Rackspace
common stock held. The firm’s investigation seeks to determine,
among other things, whether the Company’s Board of Directors failed
to satisfy their duties to shareholders, including whether the
Board adequately pursued alternatives to the acquisition and
whether the Board obtained the best price possible for the
Company’s shares of common stock. For example, according to
Yahoo! Finance, at least one Wall Street analyst has issued a price
target for Rackspace stock at $44.00 per share.
If you currently own common stock of Rackspace and believe that
the proposed buyout price is too low, or you would like to learn
more about the investigation being conducted by Brower Piven,
please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
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version on businesswire.com: http://www.businesswire.com/news/home/20160902005653/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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