MILWAUKEE, Sept. 30, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Active Network for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Active Network to Vista.
Click here to learn how to join the action: http://www.ademilaw.com/case/active-network or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Active Network's long-term financial outlook is very positive and yet Active Network shareholders will receive only $14.50 for each share of Active Network common stock. Vista is well aware of Active Network's improving financial metrics and is purchasing Active Network at a substantial discount. The merger agreement unreasonably limits prospective bids for Active Network by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Active Network receive and accept a superior bid. Active Network insiders, their affiliates and other majority shareholders own significant stock of Active Network, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Active Network not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Active Network's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Active Network given its current financial condition and prospects.
If you own shares of Active Network and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/active-network.
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