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Move Inc. (NASDAQ:MOVE) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Acquisition By News Corp

  • If you purchased shares of Move Inc. (NASDAQ:MOVE) and currently hold any of those NASDAQ:MOVE shares, you have certain options and you should 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
Move Inc.
Security
NASDAQ: MOVE

Case Name
Move Deal Case 11/07/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

November 11, 2014 (Shareholders Foundation) - An investor, who currently holds shares of Move Inc. (NASDAQ:MOVE), filed a lawsuit in effort to halt the proposed takeover of Move Inc. by News Corp for $21 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:MOVE stockholders by agreeing to sell Move Inc too cheaply via an unfair process to News Corp

On September 30, 2014, News Corp and Move, Inc. announced that News Corp has agreed to acquire Move Inc. Under the acquisition agreement News Corp will acquire all the outstanding shares of Move Inc. for $21 per share, or approximately $950 million (net of Move’s existing cash balance), via an all-cash tender offer.

However, the plaintiff claims that the $21-offer is too low and undervalues Move, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:MOVE shares at $23.00 per share. In addition, Move Inc. reported that its annual Total Revenue rose from $191.72 million in 2011 to $227.03 million in 2013. Shares of Move Inc. (NASDAQ:MOVE) grew from $7.18 per share in December 2012 to as high as $18.30 per share in October 2013.