June 23, 2017 (Shareholders Foundation) - An investor, who currently holds shares of CardConnect Corp (NASDAQ:CCN), filed a lawsuit in effort to halt the proposed takeover of CardConnect Corp. by First Data Corporation for $15.00 per share is unfair to NASDAQ:CCN stockholders.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CCN stockholders by agreeing to sell CardConnect Corp cheaply via an unfair process to First Data Corporation

On May 29, 2017, First Data Corporation (NYSE: FDC) and CardConnect Corp. (NASDAQ: CCN) announced today that they have entered into a merger agreement for First Data to acquire all of the outstanding shares of common stock of CardConnect for $15.00 per share in cash.

However, plaintiff claims that the proposed consideration NASDAQ: CCN shareholders will receive is grossly inadequate and undervalues CardConnect Corp. Indeed, at least one analyst has set the high target price for NASDAQ:CCN shares at $17.00 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ: CCN stockholders