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Web.com Group, Inc. (NASDAQ: WEB) Investor Lawsuit Filed Against Acquisition

  • Investors who purchased shares of Web.com Group, Inc. (NASDAQ: WEB) may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Web.com Group Inc
Security
NASDAQ: WEB

Case Name
Web.com Group Deal Case
Type of Lawsuit
Mergers and Acquisition
Class Period Begin
Class Period End
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Summary

November 6, 2018 - The case was voluntarily dismissed.
September 11, 2018 - An investor, who currently holds shares of Web.com Group, Inc. (NASDAQ: WEB), filed a lawsuit in effort to halt the proposed takeover of Web.com Group, Inc.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: WEB stockholders by agreeing to sell Web.com Group, Inc cheaply via an unfair process.

Web.com Group, Inc. provides a range of Internet services to small businesses in North America, South America, and the United Kingdom. On June 21, 2018, Web.com Group, Inc. (NASDAQ:WEB) announced that it has entered into an agreement to be acquired by an affiliate of Siris Capital Group, LLC in an all-cash transaction valued at approximately $2 billion.
Under the terms of the agreement, an affiliate of Siris will acquire all of the outstanding common stock of Web.com for $25.00 per share in cash.

However, plaintiff claims that the proposed consideration NASDAQ: WEB shareholders will receive is grossly inadequate and undervalues Web.com Group, Inc. Indeed, at least one analyst has set the high target price for NASDAQ: WEB shares at $32.00 per share. Web.com Group, Inc. reported that its annual Total Revenue rose from $710.5 million in 2016 to $749.26 million in 2017 and that its Net Income increased from $3.99 million in 2016 to $53.62 million in 2017. In addition, the plaintiff alleges that the process is also unfair NASDAQ: WEB stockholders.