|[June 17, 2014]
Newman Ferrara LLP Announces Investigation of Fusion-io, Inc.
NEW YORK --(Business Wire)--
Newman Ferrara LLP is investigating potential claims against the Board
of Directors of Fusion-io, Inc. ("Fusion-io") (NYSE: FIO) concerning the
proposed sale of Fusion-io to SanDisk (News - Alert) Corporation (NASDAQ: SNDK).
On June 16, 2014, Fusion-io entered into an agreement to be acquired by
SanDisk pursuant to which, Fusion-io's stockholders will receive only
$11.25 in cash for each share of Fusion-io (News - Alert) stock owned. However,
Fusion-io common stock has traded at above the $11.25 per share offer
price as recently as March 26, 2014, when it traded at $11.49 per share.
The offer price is also well below the 52-week trading high of Fusion-io
common stock of $15.59 per share.
According to Summit Research analyst Srini Sundararajan, "I think
SanDisk got asteal with this deal." Susquehanna Financial Group analyst
Mehdi Hosseini also remarked that, "What they are paying for FIO appears
to be a bargain."
Fusion-io's Board of Directors has unanimously approved the proposed
sale which is expected to close by the end of September 2014.
Newman Ferrara LLP's investigation concerns whether Fusion-io's Board of
Directors has breached its fiduciary duties to act in the best interests
of Fusion-io's stockholders and to take all necessary steps to ensure
that Fusion-io's stockholders receive the maximum value readily
available for their shares of Fusion-io common stock.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at email@example.com
to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
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