NEW YORK, May 17, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Cray Inc. ("Cray" or the "Company") (NASDAQ: CRAY) in connection with the proposed acquisition of the Company by the Hewlett Packard Enterprise Company. ("HP Enterprise") (NYSE: HPE). Under the terms of the merger agreement, CRAY shareholders will receive $35 per share in cash.
If you are a shareholder of CRAY who wishes to discuss the investigation or have any questions about this notice and your rights or interests, please contact:
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WeissLaw is investigating whether Cray's Board acted to maximize shareholder value prior to entering into the agreement. Notably, recent analyst target pricing has pegged Cray stock as a buy at $36.00. Cray's shares have also risen 38% to date this year. The Company has over $200 million in cash and only $41 million in long-term debt. Given these facts, WeissLaw is concerned whether Cray's shareholders will obtain their fair and proportionate share of the Company's fair value and growth prospects.
WeissLaw is also investigating whether Cray's Board conducted a fair process in agreeing to the proposed merger, whether the proposed merger undervalues the Company, and whether all material information related to the proposed merger is fully and fairly disclosed.
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
SOURCE WeissLaw LLP