An investigation on behalf of investors, who currently hold shares of Cray Inc. (NASDAQ: CRAY), was announced concerning whether the takeover of Cray Inc. is unfair to NASDAQ: CRAY stockholders.

The investigation by a law firm concerns whether certain officers and directors of Cray Inc. breached their fiduciary duties owed to NASDAQ: CRAY investors in connection with the proposed acquisition.

Seattle, WA based Cray Inc., together with its subsidiaries, designs, develops, manufactures, markets, and services computing products for high-performance computing, data analytics, and AI markets. On May 17, 2019, Hewlett Packard Enterprise (NYSE:HPE) and Cray Inc. (Nasdaq: CRAY) announced that the companies have entered into a definitive agreement under which HPE will acquire Cray for $35.00 per share in cash, in a transaction valued at approximately $1.3 billion, net of cash.

However, given that following the takeover announcement shares of Cray Inc. (NASDAQ: CRAY) reached in the open market as high as $36.64 per share, the investigation concerns whether the offer is unfair to NASDAQ: CRAY stockholders. More specifically, the investigation concerns whether the Cray Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Cray Inc. reported that its annual Total Revenue rose from $392.5 million in 2017 to $455.94 million in 2018 and that its Net Loss declined from $133.82 million in 2017 to $71.68 million in 2018.