SAN DIEGO, Nov. 18, 2016 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP ("Robbins Geller") today announced that a class action has been commenced on behalf of holders of The Interactive Intelligence Group, Inc. ("Interactive Intelligence") (NASDAQ:ININ) common stock on September 30, 2016, in connection with the acquisition of Interactive Intelligence by Genesys Telecommunications Laboratories, Inc. This action was filed in the Southern District of Indiana and is captioned Trahan v. Interactive Intelligence Group, Inc., et al., No. 16-cv-03161.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [email protected]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Interactive Intelligence, its Board of Directors (the "Board"), Genesys Telecommunications Laboratories, Inc., one of its subsidiaries and three of its affiliated parent companies (collectively, "Genesys") with violations of the Securities Exchange Act of 1934 ("1934 Act") in connection with the acquisition of Interactive Intelligence by Genesys. Interactive Intelligence is a global leader of cloud and on-premise solutions for customer engagement, communications and collaboration, with offices in Indianapolis, Indiana.
On August 31, 2016, Interactive Intelligence announced that it would be acquired by Genesys pursuant to an agreement and plan of merger (the "Merger Agreement") entered into on August 30, 2016. Pursuant to the terms of the Merger Agreement, stockholders of Interactive Intelligence will receive $60.50 in cash for each share of Interactive Intelligence common stock owned (the "Acquisition"). Interactive Intelligence shareholders voted in favor of the Acquisition on November 9, 2016, and the Company has announced it anticipates the Acquisition will close in early December 2016.
The complaint alleges that in connection with the Acquisition, the defendants willfully or recklessly breached, and/or aided and abetted breaches of, fiduciary duties owed to Interactive Intelligence shareholders, and that the Acquisition is the product of a flawed process that resulted in an unfair price. In addition, the complaint alleges that in an attempt to secure shareholder support for the unfair Acquisition, on September 20, 2016, defendants issued a materially false and misleading Preliminary Proxy on Schedule 14A, and on October 4, 2016, defendants issued a materially false and misleading Definitive Proxy on Schedule 14A (collectively, the "Proxy"). The Proxy, which recommends that Interactive Intelligence shareholders vote in favor of the Acquisition, omits and/or misrepresents material information and critical data, inputs and assumptions included in the fairness analyses of the Board's financial advisor, Union Square Advisors LLC ("Union Square"), and elements of managements' projections relied upon by Union Square in its fairness analyses, in willful or reckless contravention of defendants' fiduciary duties and in violation §§14(a) and 20(a) of the 1934 Act. Without this material information, Interactive Intelligence shareholders were prevented from making a fully informed decision as to the Acquisition and the adequacy of the Acquisition consideration.
Plaintiff seeks damages and injunctive relief on behalf of holders of Interactive Intelligence common stock on September 30, 2016. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller is widely recognized as one of the leading law firms advising U.S. and international institutional investors in securities litigation and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history and was ranked first in both the total amount and number of shareholder class action recoveries in ISS's SCAS Top 50 Report for the last two years. Robbins Geller attorneys have shaped the law in the areas of securities litigation and shareholder rights and have recovered tens of billions of dollars on behalf of the Firm's clients. Robbins Geller not only secures recoveries for defrauded investors, it also strives to implement corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.