MONSEY, N.Y., Feb. 06, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the price of $1.14 per share in cash for which ZeroFox Holdings, Inc. (Nasdaq: ZFOX) (“ZeroFox”) has agreed to be sold to Haveli Investments (“Haveli”). The sales price is well below the 52-week high of ZeroFox of $3.49 per share, and well below the price targets of every Wall Street analyst covering ZeroFox (source: TipRanks).
If you remain a ZeroFox 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/zerofox/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On February 6, 2024, ZeroFox announced that it had agreed to be sold to Haveli for $1.14 per share in cash upon the recommendation of a special committee (“Special Committee”) of purportedly independent members of the ZeroFox board of directors (“Board”).
“We are investigating whether the ZeroFox Board acted in the best interests of ZeroFox shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the members of the Special Committee were truly independent, whether the price agreed upon is fair to ZeroFox shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, the sales price of $1.14 per share is well below ZeroFox’s 52-week high of $3.49 per share.
Further, according to TipRanks, the sales price is well below the price targets of every Wall Street analyst covering ZeroFox: Jonathan Ruykhaver of Cantor Fitzgerald (price target: $3.00 per share), Brad Reback of Stifel Nicolaus (price target: $2.00 per share), and Joseph Gallo of Jefferies (price target: $3.00 per share).
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
