An investigation on behalf of investors, who currently hold shares of Planet Payment Inc (NASDAQ:PLPM), was announced concerning whether the takeover of Planet Payment Inc. by Fintrax Group is unfair to NASDAQ:PLPM stockholders.

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

Long Beach, NY based Planet Payment, Inc. is a provider of international payment and transaction processing and multi-currency processing services. Planet Payment Inc reported that its annual Total Revenue increased from $52.82 million in 2015 to $54.34 million in 2016 and that its Net Income rose from $10.36 million in 2015 to $25.07 million in 2016.
On Oct. 26, 2017, Fintrax Group and Planet Payment, Inc. (NASDAQ:PLPM) announced that they have entered into an agreement under which Fintrax will acquire Planet Payment for $4.50 per share in cash.

However, given that at least one analyst has set the high target price for NASDAQ:PLPM shares at $5.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:PLPM stockholders. In addition, given that in connection with the execution of the agreement, Planet Payment's directors and executive officers and certain shareholders, representing an aggregate of approximately 28% of the company's outstanding shares and derivative securities, have already entered into support agreements with Fintrax pursuant to which they have agreed to tender, the investigation concerns whether the Planet Payment 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.