San Diego, Oct. 28, 2011 (Shareholders Foundation) -- An investor in RNOW shares filed a lawsuit in State Court in effort to block the proposed takeover of RightNow Technologies by Oracle Corp. for $43.00 per share.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed RightNow Technologies (NASDAQ:RNOW) investors arising out of the attempt to sell Right Now Technologies too cheaply via an unfair process to Oracle.

On Monday, October 24, 2011, RightNow (NASDAQ: RNOW) announced that it has entered into an agreement to be acquired by Oracle Corporation for $43.00 per share or approximately $1.5 billion net of RightNow's cash and debt.

However, the plaintiff claims that the $43offer and sale process were fundamentally unfair to investors. In fact, at least one analyst has set the high target price for NASDAQ: RNOW shares at $42 per share and shares of RightNow Technologies (Public, NASDAQ:RNOW) grew at an exceptional growth rate over the past years. NASDAQ: RNOW stocks grew from as low as $5.84 per share in January 2009 to almost $39 per share in Mid-October 2011.
Furthermore, RightNow Technologies has performed well for its investors in the past. Its annual Revenue rose from $112.08million in 07 to $185.52million in 2010 and its Net Income rose from a Net Loss of $18.64million for 2007 to a Net Income of $28.39million in 2010. For the second quarter 2011 RightNow Technologies reported an increase in its second quarter Revenue from $43.45million last year to $54.82million this year.

In addition, the plaintiff claims that the agreement included preclusive deal protection devices, such as voting agreements, a no solicitation and a $59.7million termination fee provision, that will act to further limit RightNow’s shareholder value and ensure that no competing offers will emerge for the Company.