NEW YORK, July 14, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Imprivata Inc. ("IMPR" or the "Company") in connection with the proposed acquisition of the Company by Thoma Bravo Inc. ("Thoma Bravo"). On July 13, 2016, the Company announced that it had reached a definitive agreement for Thoma Bravo to acquire all outstanding shares of IMPR in a transaction valued at $544 million. Under the terms of the agreement, IMPR shareholders will receive $19.25 in cash for each IMPR share they own.
WeissLaw is investigating whether IMPR's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price is nearly $2.50 lower than IMPR's 52-week high of $21.63. Additionally, the Company recently announced positive financial results for the first quarter of 2016, reporting revenue growth of 23% year-over-year from $25.6 million in previous year to $31.5 million. Further, Imprivata recently launched ConfirmID, the industry's first electronic prescription system using biometric authentication tools. According to a J.P. Morgan analyst, ConfirmID is a"[c]lear winner in the competitive landscape . . . [and] is not seeing much competition in the segment from other vendors."
Given these facts, WeissLaw is investigating whether IMPR's Board acted in the best interests of IMPR's public shareholders to maximize shareholder value prior to entering into the agreement. If you own IMPR 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