… Johnson & Weaver …
To verify whether board members of Fusion-io breached their fiduciary duties
This is a Press Release edited by StorageNewsletter.com on June 18, 2014 at 2:51 pmShareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Fusion-io, Inc. breached their fiduciary duties in connection with the proposed sale of the company to SanDisk Corporation.
Fusion-io develops, markets, and sells storage memory platforms in the United States and internationally.
On June 16, 2014, Fusion-io and SanDisk entered into an agreement whereby SanDisk will acquire Fusion-io. Under the terms of the agreement, SanDisk will commence a tender offer for all outstanding shares of Fusion-io for $11.25 per share in cash.
During the last 52 weeks Fusion-io traded as high as $15.59.
The investigation will determine whether Fusion-io’s directors breached their fiduciary duties to stockholders in connection with the proposed acquisition.
Fusion-io has no long term debt and has over $200 million in cash.
Most Wall Street analysts have a target price greater than the $11.25 proposed purchase price offered by SanDisk.
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