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NetSuite Inc (NYSE:N) Investor Lawsuit Against Acquisition By Oracle Filed

  • If you purchased shares of NetSuite Inc (NYSE:N) and currently hold any of those NYSE:N 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
NetSuite Inc
Security
NYSE: N

Case Name
NetSuite Deal Case 09/06/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

September 6, 2016 (Shareholders Foundation) - An investor who currently holds shares of NetSuite Inc (NYSE:N), filed a lawsuit in effort to halt the proposed takeover of NetSuite Inc . by Oracle for $109 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:N stockholders by agreeing to sell NetSuite Inc too cheaply via an unfair process to Oracle.

On July 28, 2016, Oracle (NYSE: ORCL) announced that it has entered into a definitive agreement to acquire NetSuite (NYSE: N), the very first cloud company. The transaction is valued at $109.00 per share in cash, or approximately $9.3 billion.

However, the investigation concerns whether the offer is unfair to NYSE:N stockholders. More specifically, the investigation concerns whether the NetSuite 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.

However, plaintiff claims that the proposed consideration NYSE:N shareholders will receive is grossly inadequate and undervalues NetSuite Inc. NetSuite Inc reported that its annual Total Revenue rose from $308.82 million in 2012 to $741.15 million in 2015. Shares of NetSuite Inc (NYSE:N) reached as high as $115.57 per share in early 2014. In addition, the plaintiff alleges that the process is also unfair to NetSuite stockholder.