SAN DIEGO, Dec. 3, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Waddell & Reed Financial, Inc. ("Waddell & Reed" or the "Company") (NYSE: WDR) breached their fiduciary duties in connection with the proposed sale of the Company to) Macquarie Group ("Macquarie").
On December 2, 2020, Waddell & Reed announced that it had entered into a definitive merger agreement with Macquarie. Under the terms of the agreement, Waddell & Reed stockholders will receive only $25.00 for each share of Waddell & Reed common stock they own.
The investigation concerns whether the Waddell & Reed board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Waddell & Reed shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth.
If you are a shareholder of Waddell & Reed and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP