Newman Ferrara LLP is investigating potential claims against the Board of Directors of Fusion-io, Inc. (“Fusion-io”) (NYSE: FIO) concerning the proposed sale of Fusion-io to SanDisk Corporation (NASDAQ: SNDK).
On June 16, 2014, Fusion-io entered into an agreement to be acquired by SanDisk pursuant to which, Fusion-io’s stockholders will receive only $11.25 in cash for each share of Fusion-io stock owned. However, Fusion-io common stock has traded at above the $11.25 per share offer price as recently as March 26, 2014, when it traded at $11.49 per share. The offer price is also well below the 52-week trading high of Fusion-io common stock of $15.59 per share.
According to Summit Research analyst Srini Sundararajan, “I think SanDisk got a steal with this deal.” Susquehanna Financial Group analyst Mehdi Hosseini also remarked that, “What they are paying for FIO appears to be a bargain.”
Fusion-io’s Board of Directors has unanimously approved the proposed sale which is expected to close by the end of September 2014.
Newman Ferrara LLP’s investigation concerns whether Fusion-io’s Board of Directors has breached its fiduciary duties to act in the best interests of Fusion-io’s stockholders and to take all necessary steps to ensure that Fusion-io’s stockholders receive the maximum value readily available for their shares of Fusion-io common stock.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at firstname.lastname@example.org to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
Roy Shimon, 212-619-5400