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Lifelock Inc (NYSE:LOCK) Investor Lawsuit Against Acquisition By Symantec Corp Filed

  • If you purchased shares of Lifelock Inc (NYSE:LOCK), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Lifelock Inc
Security
NYSE: LOCK

Case Name
Lifelock Deal Case 12/20/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

December 20, 2016 (Shareholders Foundation) - An investor who currently holds shares of Lifelock Inc (NYSE:LOCK), filed a lawsuit in effort to halt the proposed takeover of Lifelock Inc by Symantec Corp for $24.00 per share. The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:LOCK stockholders by agreeing to sell Lifelock Inc. too cheaply via an unfair process to Symantec Corp.

On November 20, 2016 — Symantec Corp. (NASDAQ: SYMC) and Lifelock Inc (NYSE:LOCK) announced that they have entered into a definitive agreement for Symantec to acquire LifeLock for $24 per share or $2.3 billion in enterprise value. However, the plaintiff claims that the proposed consideration NYSE:LOCK shareholders will receive is grossly inadequate and undervalues Lifelock Inc. In addition, the plaintiff alleges that the process is also unfair NYSE:LOCK stockholders.

On December 20, 2016, NYSE:LOCK shares closed at $23.89 per share.