Block & Leviton LLP Investigates Responsys, Inc. for Possible Breaches of Fiduciary Duty in Connection with Its Acquisition by Oracle Corp.
BOSTON, Dec. 20, 2013 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Responsys, Inc. ("Responsys" or the "Company") (NASDAQ: MKTG) concerning the proposed acquisition of the Company by Oracle Corp. ("Oracle"), in a transaction valued at approximately $1.5 billion. Under the terms of the transaction, Oracle will acquire each Responsys share for $27.00, representing a paltry premium of 38% to Responsys' closing share price on Thursday, December 19, 2013.
Responsys' share price has been spiking over the last year. Its value has grown by a stunning 231% in just the past year alone and shows no sign of stopping, having gained more than 25% in just the previous 6 weeks. Thus, the so-called premium appears to significantly undervalue the Company
Block & Leviton's investigation seeks to determine, among other things, whether Responsys' Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by Oracle and the fairness by which the Responsys' Directors considered and approved the transaction.
If you are a Responsys shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at (617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP