NEW YORK, Aug. 24, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Dot Hill Systems Corp. ("HILL" or the "Company") by Seagate Technology Plc ("Seagate") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of HILL for agreeing to sell the Company to Seagate. On August 18, 2015, the Company announced it had reached a definitive agreement for Seagate to acquire HILL in a transaction valued at approximately $694 million. Under the terms of the agreement, HILL shareholders will receive $9.75 for each HILL share they own.
WeissLaw is investigating whether HILL's Board acted to maximize shareholder value. Notably, analysts have set a target price of $10.00 per share. Additionally, the Company recently announced positive financial results. On August 6, 2015, HILL reported Non-GAAP revenue of $60.6 million in the second quarter of 2015 as compared with $48.4 million in the same period of the previous year, representing growth of 25.2% year-over-year.
Given these facts, WeissLaw is investigating whether HILL's Board acted in the best interests of HILL's public shareholders by actively shopping the Company to maximize shareholder value. If you own HILL shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
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 or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP