(FIVN Alert) Johnson Fistel Investigates Proposed Sale of Five9; Are Shareholders Getting A Fair Deal?
July 20, 2021 at 23:03 PM EDT
SAN DIEGO, July 20, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Five9, Inc. (NASDAQ: FIVN) ("Five9" or the "Company") breached their fiduciary duties in connection with the proposed sale of the Company to Zoom Video Communications, Inc. (NASDAQ: ZM).
On July 18, 2021, Five9 announced that it had entered into a definitive merger agreement with Zoom Video. Under the terms of the definitive merger agreement, Five9 stockholders will receive 0.5533 shares of Class A common stock of Zoom Video for each share of Five9. Based on the closing share price of Zoom Video Class A common stock as of July 16, 2021, this represents a per share price for Five9 common stock of $200.28. Five9 will be subject to future fluctuations of Zoom Video's stock price.
The investigation concerns whether the Five9 board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Five9 shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future revenue growth. Additionally, one Wall Street analyst had a $230 price target on the stock.
If you are a shareholder of Five9 and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
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