NEW YORK, June 9, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of SciQuest, Inc. ("SQI" or the "Company") in connection with the proposed acquisition of the Company by affiliate Accel-KKR. On May 31, 2016, the Company announced it had reached a definitive agreement for Accel-KKR to acquire all outstanding shares of SQI in a transaction valued at approximately $509 million. Under the terms of the agreement, SQI shareholders will receive $17.75 in cash for each SQI share they own.
WeissLaw is investigating whether SQI's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $19.50 per share, or approximately $2.00 above the offer price. Additionally, the Company recently announced positive financial results for the first quarter of 2016. It reported revenue of $26.9 million, representing an increase of $1 million year-over-year when compared to the $25.9 million reported in the same quarter of the previous year.
Given these facts, WeissLaw is investigating whether SQI's Board acted in the best interests of SQI's public shareholders to maximize shareholder value prior to entering into the agreement. If you own SQI shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sciquest-inc-acquisition-may-not-be-in-the-best-interests-of-sqi-shareholders-300282522.html
SOURCE WeissLaw LLP