MONSEY, N.Y., Nov. 07, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of IAA, Inc. (NYSE: IAA) (“IAA”) acted in the best interests of IAA shareholders in approving the sale of IAA to Ritchie Bros. Auctioneers (“Ritchie”) for $10.00 in cash and 0.5804 shares of Ritchie common stock for each share of IAA, resulting in an implied deal price of approximately $46.88 per IAA share, based on the closing price of Ritchie stock on November 4, 2022. However, Ritchie stock is down today over 20% on the news, which has substantially reduced the value of the deal to IAA shareholders.
If you remain an IAA shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/iaa/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On November 7, 2022, IAA announced that it had agreed to be acquired by Ritchie for $10.00 in cash and 0.5804 shares of Ritchie common stock for each share of IAA, resulting in an implied deal price of approximately $46.88 per IAA share, based on the closing price of Ritchie stock on November 4, 2022. However, Ritchie stock is down today over 20% on the news, which has substantially reduced the value of the deal to IAA shareholders.
The agreement has been approved by the IAA board of directors (“Board”).
Our investigation concerns whether IAA’s Board acted in the best interests of IAA shareholders in approving the sale, including whether the acquisition price adequately compensates IAA shareholders, and whether all material information regarding the transaction has been fully disclosed.
Notably, according to an analysis of Wall Street price targets for IAA in the last 90 days published on Seeking Alpha, there is a high price target for IAA of $60.00 per share, and an average price target of $50.13 per share, both of which are above the implied deal price.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, 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
