NEW YORK, Feb. 14, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Qumu Corporation ("QUMU" or the "Company") (NASDAQ: QUMU) in connection with the proposed acquisition of the Company by Synacor, Inc. ("SYNC") (NASDAQ: SYNC). Under the terms of the acquisition agreement, shareholders will receive 1.61 shares of SYNC common stock for each share of QUMU they own. This represents an implied per-share consideration of $2.25 based on SYNC's closing price on the day of the announcement of the proposed acquisition.
If you own QUMU shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether QUMU's Board acted to maximize shareholder value prior to entering into the acquisition agreement, and whether QUMU's shareholders have enough information to cast a fully informed vote on the proposed acquisition. Notably, at least one analyst recently set a price target of $6.00 per QUMU share, or $3.75 above the per-share merger consideration. Additionally, QUMU shares traded for $4.60, or $2.35 above the implied per-share value of the merger consideration, as recently as July 2019.
Given these facts, WeissLaw is concerned 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 protected]
SOURCE WeissLaw LLP