SAN DIEGO, May 30, 2017 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of CardConnect Corp. (NASDAQ: CCN) breached their fiduciary duties in connection with the proposed sale of the Company to First Data Corporation. CardConnect provides payment processing solutions to small and medium business merchants and enterprise customers in the United States.
On May 29, 2017, CardConnect announced it had signed a definitive agreement to be acquired by First Data. Under the terms of the agreement, First Data will acquire all of the outstanding shares of CardConnect common stock for $15 per share in cash.
The investigation concerns whether CardConnect's board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for CardConnect's shares of common stock.
Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given the following:
- The Company's positive outlook for future revenue and earnings growth.
- One Wall Street analyst has a $20.00 price target on the stock, which is far more than the $15.00 offer price.
If you are a shareholder of CardConnect and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP