NEW YORK, March 9, 2012 /PRNewswire/ -- Wolf Popper LLP, a leading national securities law firm, notifies investors of Quest Software, Inc. (NASDAQ: QSFT) ("Quest") of potential claims for breaches of fiduciary duty and other violations of state law against the board of directors of Quest in connection with its acquisition by Insight Venture Partners ("Insight") and Quest's Chairman and CEO, Vinny Smith. It was announced on March 9, 2012 that Quest has entered into definitive agreements with affiliates of Insight. Under the terms of the agreements, Insight will acquire all of the outstanding shares of Quest owned by stockholders not affiliated with the buyout group for $23.00 per share in cash. Quest Chairman and CEO Vinny Smith has agreed to roll over his Quest shares and restricted stock units into the newly created private Company. Smith will continue to lead the company after the close of the transaction.
The investigation concerns whether the Quest Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the company before entering into this transaction and whether Insight is underpaying for Quest shares, thus unlawfully harming stockholders. Indeed, at least one analyst has set a target price on Quest stock of as high as $29.00 per share.
If you own Quest common stock and you with to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Joshua Ruthizer, Wolf Popper LLP, 845 Third Avenue, New York, New York, 10022, Toll Free: 877-370-7703, Email: [email protected]
Wolf Popper LLP is a prominent, nationally recognized law firm experienced in the fields of Securities Litigation, Consumer Fraud, ERISA, Antitrust, Health Care Litigation, Corporate and Commercial Law and Corporate Transactional/Derivative Litigation. As a leader in protecting the interests of defrauded investors and consumers, the firm has prosecuted thousands of actions under federal and state laws throughout the United States. In business for 65 years, Wolf Popper has recovered billions of dollars for investors. See www.wolfpopper.com.
SOURCE Wolf Popper LLP