NEW YORK, May 4, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Opower Inc. ("OPWR" or the "Company") in connection with the proposed acquisition of the Company by Oracle Corporation ("Oracle"). On May 2, 2016, the Company announced it had reached a definitive agreement for Oracle to acquire all outstanding shares of OPWR in a transaction valued at approximately $532 million. Under the terms of the agreement, OPWR shareholders will receive $10.30 in cash for each OPWR share they own.
WeissLaw is investigating whether OPWR's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $20.00 per share, or $9.70 above the offer price. Additionally, the Company's shares traded above the offer price as recently as December 30, 2015 when OPWR shares sold for $10.96. Further, OPWR recently announced positive financial results for fiscal year 2015. It reported revenue of $148.7 million, representing an increase of 16% year-over-year.
Given these facts, WeissLaw is investigating whether OPWR's Board acted in the best interests of OPWR's public shareholders to maximize shareholder value prior to entering into the agreement. If you own OPWR 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/opower-inc-acquisition-may-not-be-in-the-best-interests-of-opwr-shareholders-300262990.html
SOURCE WeissLaw LLP