NEW YORK, June 13, 2014 (GLOBE NEWSWIRE) -- The fairness of the proposed acquisition of OpenTable, Inc. ("OPEN" or the "Company") by The Priceline Group, Inc. ("PCLN") is the subject of an examination by WeissLaw LLP, a national class action, shareholder rights law firm. The examination is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of OPEN for agreeing to sell the Company to PCLN. On Friday, June 13, 2014, PCLN announced that they had entered into a definitive agreement with OPEN for PCLN to acquire all outstanding shares of the Company in a transaction valued at approximately $2.6 billion. Under the terms of the agreement, Company shareholders will receive $103 in cash for each OPEN share they own.
WeissLaw LLP is investigating whether OPEN's Board acted to maximize shareholder value prior to entering into the agreement with PCLN. Notably, OPEN recently reported positive financial results. On May 1, 2014, the Company reported revenue of $53.8 million for the first quarter 2014, an increase of 18% over the first quarter 2013. Moreover, the Company anticipates continued growth in revenue for the second quarter 2014, estimating revenue to be in the range of $54.7 million to $56.3 million.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell OPEN and whether the Board of Directors acted in the best interests of OPEN's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with PCLN. If you own OPEN shares and would like more information about your rights or our investigation, please contact Joshua Rubin or Kelly Keenan either by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
The firm is also in the process of investigations on behalf of shareholders of Deutsche Telekom AG, Hittite Microwave Corporation, Idenix Pharmaceuticals, and Express Inc.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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