SAN DIEGO, May 20, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of Websense, Inc. (NASDAQ: WBSN) by the private equity firm Vista Equity Partners. On May 20, 2013, Websense announced the signing of a definitive merger agreement under which Vista Equity Partners will acquire Websense for $24.75 per share of common stock in cash.
The Board of Directors' Actions May Prevent Websense Shareholders from Receiving Maximum Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Websense is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger.
On April 25, 2013, Websense released its first quarter 2013 financial results reflecting record billings and the continued strength of the company's TRITON® solutions. Specifically, Websense reported record first quarter billings of $81.8 million, and TRITON solutions billings of $54.7 million, an increase of 11.6% compared to the first quarter of 2012. Further, Websense exceeded analyst earnings per share and net income expectations for the quarter, and in seven of the previous nine quarters while exceeding analyst sales expectations in the past three consecutive quarters and in six of the previous nine quarters. Moreover, the company reported a 19% increase in the number of transactions over $100,000.
In announcing the results, Websense Chief Executive Officer John McCormack commented, "This demonstrates the strength of our core business and the appeal of TRITON to our larger enterprise target customers. Our recent sales expansion is already showing benefits with an increased sales pipeline for the second quarter and the rest of the year. We remain confident in our ability to execute successfully on the growing market opportunity for advanced security solutions, and to deliver sustained and profitable billings growth."
Given these facts, the firm is examining the board of directors' decision to sell Websense now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
Websense shareholders have the option to file a class action lawsuit to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner. Websense shareholders interested in information about their rights and potential remedies can contact Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.
Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/websense-inc/
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SOURCE Robbins Arroyo LLP