NEW YORK, July 30, 2014 (GLOBE NEWSWIRE) -- The fairness of the proposed acquisition of Trulia, Inc. ("TRLA" or the "Company") by Zillow, Inc. ("Zillow") 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 TRLA for agreeing to sell the Company to Zillow. On July 28, 2014, the companies jointly announced they had reached a definitive agreement for Zillow to acquire all outstanding shares of the Company in a transaction valued at approximately $3.5 billion. Under the terms of the agreement, TRLA shareholders will receive 0.444 shares of Zillow's Class A common stock for each share of TRLA they hold.
WeissLaw LLP is investigating whether TRLA's Board acted to maximize shareholder value prior to entering into the agreement with Zillow. Notably, prior to the announcement of the deal, the Company reported positive financial results. On April 29, 2014, TRLA announced total revenue of $54.5 million for the first quarter of 2014; representing a 127% increase year-over-year.
In announcing these results, TRLA's Chief Executive Officer, Peter Flint, remarked, "In Q1 we added more than 7,000 subscribers, which is a record for the company and continues to demonstrate the momentum we are gaining amongst agents who want to connect with transaction-ready buyers and sellers. . . ."
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell TRLA and whether TRLA's shareholders will obtain their fair proportionate share of the Company's continued success and future growth prospects. If you own TRLA 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 Family Dollar Stores, Inc., Franklin Financial Corporation, Rockwood Holdings, Inc., AmREIT, Inc., URS Corporation, and Medical Action Industries 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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