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If you purchased shares of Virgin America Inc (NASDAQ:VA) and currently hold any of those NASDAQ:VA shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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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
April 21, 2016 (Shareholders Foundation) - An investor who currently holds shares of Virgin America Inc (NASDAQ:VA), filed a lawsuit in effort to halt the proposed takeover of Virgin America Inc by Alaska Air Group, Inc for $57.00 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:VA stockholders by agreeing to sell Virgin America Inc too cheaply via an unfair process to Alaska Air Group, Inc.
On April 4, 2016, Alaska Air Group, Inc. (NYSE: ALK), parent company of Alaska Airlines, and Virgin America Inc. (NASDAQ: VA) announced that their boards of directors have unanimously approved a definitive merger agreement, under which Alaska Air Group will acquire Virgin America for $57.00 per share in cash.
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However, plaintiff claims that the proposed consideration NASDAQ:VA shareholders will receive is grossly inadequate and undervalues Virgin America Inc. Indeed, Virgin America Inc reported that its annual Total Revenue rose from over $1.48 billion in 2014 to over $1.52 billion in 2015 and that its Net Income increased from $60.11 million in 2014 to $340.54 million in 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:VA stockholders