MILWAUKEE, June 16, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of FIO for possible breaches of fiduciary duty and other violations of state law in connection with the sale of FIO to SanDisk.
Click here to learn how to join the action: http://www.ademilaw.com/case/fusion-io or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
FIO's long-term financial outlook is very positive and yet FIO shareholders will receive $11.25 for each FIO share they own, dramatically less than the price target set by some analysts. SanDisk is well aware of FIO's improving financial metrics and is purchasing FIO at a substantial discount. The merger agreement unreasonably limits prospective bids for FIO by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should FIO receive and accept a superior bid. FIO insiders and their affiliates own significant stock of FIO, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of FIO not necessarily in the best interest of non-insider shareholders. In light of these facts, our investigation centers on the conduct of FIO's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for FIO given its current financial condition and prospects.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP