-
If you purchased shares of Websense Inc. (NASDAQ:WBSN) prior to May 20, 2013, and currently hold any of those NASDAQ:WBSN 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
May 31, 2013 (Shareholders Foundation) - An investor, who currently holds NASDAQ:WBSN shares, filed a lawsuit in effort to stop the proposed takeover of Websense Inc.by Vista Equity Partners to acquire for $24.75 per NASDAQ:WBSN.
On May 20, 2013, Websense, Inc. (NASDAQ: WBSN) announced that it has entered into an agreement to be acquired by Vista Equity Partners. Under the terms of the agreement, Websense stockholders will receive $24.75 in cash for each share of Websense common stock they hold.
However, the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:WBSN stockholders arising out of the attempt to sell Websense, Inc too cheaply via an unfair process to Vista Equity Partners.
The plaintiffs says that the $24.75-offer is unfair to NASDAQ:WBSN stockholders and undervalues the company. Indeed, shares of Websense Inc. grew from under $10 in 2009 to as high as $27.82 per share in July 2012. Furthermore, the financial performance of Websense Inc. improved lately. For instance, it reported that its annual Total Revenue rose from $313.71 million in 2009 to $364.18 million in 2011 and its Net Loss of $10.70 million turned to a Net Income of $30.99 million in 2011.
On May 31, 2013, NASDAQ:WBSN shares closed at $24.85 per share.