NEW YORK, Jan. 10, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of MINDBODY, Inc. ("MB" or the "Company") (NASDAQ: MB) in connection with the proposed acquisition of the Company by Vista Equity Partners. Under the terms of the agreement, MB shareholders will be entitled to receive $36.50 in cash for each share they hold.
If you own MB shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
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New York, NY 10036
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WeissLaw is investigating whether MB's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $45.00 per MB share, or $8.50 above the offer price. Additionally, MB shares traded for $43.50 as recently as September.
Moreover, the Company announced impressive financial results for the third quarter of 2018. It reported total revenue of $63.8 million, and subscription and service revenue of $40.8 million; this represents annual growth of 37% and 44% respectively.
Given these facts, WeissLaw is concentrating its investigation on whether MB'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 email@example.com
SOURCE WeissLaw LLP