NEW YORK, July 29, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Epiq Systems, Inc. ("EPIQ" or the "Company") in connection with the proposed acquisition of the Company by OMERS Private Equity and funds managed Harvest Partners L.P. (the "Affiliates"). On July 26, 2016, the Company announced that it had reached a definitive agreement for the Affiliates to acquire all outstanding shares of EPIQ in a transaction valued at approximately $1.0 billion, inclusive of debt. Under the terms of the agreement, EPIQ shareholders will receive $16.50 in cash for each EPIQ share they own.
WeissLaw is investigating whether EPIQ's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price is lower than the Company's 52-week high of $16.83. Additionally, in May EPIQ announced positive financial results for the first quarter of 2016. It reported quarterly consolidated operating revenue of $131.5 million, reflecting a 22% year-over-year increase when compared to the $107.8 million reported in the same period of the previous year. EPIQ also announced a 28% growth in adjusted net income, from $5.7 million in the first quarter of 2015 to $7.3 million in the following year.
Given these facts, WeissLaw is investigating whether EPIQ's Board acted in the best interests of EPIQ's public shareholders to maximize shareholder value prior to entering into the agreement. If you own EPIQ 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 protected].
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 protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP