NEW YORK, Feb. 15, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Ellie Mae, Inc. ("ELLI" or the "Company") (NYSE: ELLI) in connection with the proposed acquisition of the Company by private equity firm Thoma Bravo, LLC ("Thoma Bravo"). Under the terms of the acquisition agreement, shareholders will receive $99.00 in cash for each ELLI share they own.
If you own ELLI shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036(212) 682-3025
WeissLaw is investigating whether ELLI's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $135.00 per ELLI share, or $36.00 above the offer price. Additionally, the offer price is also nearly $18.00 less than the Company's 52-week high of $116.90.
Moreover, ELLI announced positive financial results for the fourth quarter and full year ended 2018. It reported revenue of $116 million in the fourth quarter of 2018, representing increase of $3.1 million year-over-year when compared to the $112.9 million reported in the same period of the previous year. ELLI also reported revenue of $480.3 million for fiscal year 2018, representing increase of $63.3 million when compared to the $417 million reported in 2017.
Given these facts, WeissLaw is concentrating its investigation on whether ELLI's Board conducted a fair process in agreeing to the proposed acquisition, whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition 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 firstname.lastname@example.org
SOURCE WeissLaw LLP