NEW YORK, Sept. 12, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Apigee Corp. ("APIG" or the "Company") in connection with the proposed acquisition of the Company by Google. On September 8, 2016, the Company announced that it had reached a definitive agreement for Google to acquire all outstanding shares of APIG in an all-stock transaction valued at approximately $625 million. Under the terms of the agreement, the Company's shareholders will receive $17.40 in cash for each APIG share they own.
WeissLaw is investigating whether APIG's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $19.00 per share, or $1.60 above the offer price. Additionally, the Company announced positive financial results for the third quarter of fiscal year 2016. In May, it reported revenues of $23.5 million, representing a 36% year-over-year growth when compared to the $17.3 million reported in the same period of the previous year. APIG also reported gross profits grew 46% from $11.25 million in the third quarter of fiscal 2015 to $16.4 million this year.
Given these facts, WeissLaw is investigating whether APIG's Board acted in the best interests of APIG's public shareholders to maximize shareholder value prior to entering into the agreement. If you own APIG 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 firstname.lastname@example.org.
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 email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP