MONSEY, N.Y., July 31, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the $87.00 per share in cash pursuant to which New Relic, Inc. (NYSE: NEWR) (“New Relic”) has agreed to be sold to Francisco Partners and TPG Capital.
If you remain a New Relic shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/new-relic/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On July 31, 2023, New Relic announced that it had agreed to be sold for $87.00 per share in cash to Francisco Partners and TPG Capital.
“We are investigating whether the New Relic Board of Directors acted in the best interests of New Relic shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to New Relic shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
Notably, according to an analysis of Wall Street price targets for NEWR in the last 90 days published on Seeking Alpha, there is a high price target of $113.00 per share, which indicates that at least one Wall Street analyst thinks the deal price is too low.
Additionally, the announcement indicated that New Relic Founder and Executive Chairman of the Board Lew Cirne will be rolling over approximately 40% of his beneficial share ownership, which is not an opportunity being made available to public New Relic shareholders.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
