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Official Payments Holdings Inc (NASDAQ:OPAY) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Acquisition

  • If you purchased shares of the Official Payments Holdings Inc (NASDAQ:OPAY) and currently hold any of those NASDAQ:OPAY 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
Official Payments Holdings Inc
Security
NASDAQ: OPAY

Case Name
Official Payments Holdings Deal Case 10/28/2013
Type of Lawsuit
Mergers and Acquisition
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Summary

October 29, 2013 (Shareholders Foundation) - An investor, who currently hold shares of Official Payments Holdings Inc (NASDAQ:OPAY), filed a lawsuit in effort to halt the proposed takeover of Official Payments Holdings Inc by ACI Worldwide for $8.35 per NASDAQ:OPAY share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:OPAY stockholders arising out of the attempt to sell Official Payments Holdings Inc too cheaply via an unfair process to ACI Worldwide..

On September 23, 2013, ACI Worldwide (NASDAQ: ACIW), and Official Payments Holdings, Inc. (NASDAQ: OPAY) announced that they have entered into a transaction agreement. Under the terms of the agreement, ACI Worldwide will acquire Official Payments Holdings in an all cash transaction for $8.35 per share.

However, the plaintiff claims that the offer is too low and undervalues Official Payments Holdings, Inc. Indeed, analysts have set the target price for NASDAQ:OPAY shares at $10.00 per share and that NASDAQ:OPAY shares traded shortly before the takeover proposal at almost $8.74 per share.
Furthermore, Official Payments Holdings Inc reported that its Total Revenue rose from $130.17 million for the 12 months period that ended on Sept. 30, 2011 to $135.74 million for the 12 months period that ended on Sept. 30, 2012 and that its respective Net Loss declined from $7.21 million to $5.97 million.

Shares of Official Payments Holdings Inc (NASDAQ:OPAY) grew from $3.46 per share in Nov. 2011 to as high as $8.738 per share on Sept. 19, 2013.

On Oct. 29, 2013, NASDAQ:OPAY shares closed at $8.36 per share.