SAN DIEGO, June 3, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor who holds Websense Inc. (WBSN) shares filed a lawsuit to stop the proposed takeover of Websense Inc. by Vista Equity Partners for $24.75 per WBSN share.
Investors who purchased shares of Websense Inc. (WBSN) prior to May 20, 2013 and currently hold any of those WBSN shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
On May 20, 2013, Websense, Inc. announced that it has entered into an agreement to be acquired by Vista Equity Partners. Under the terms of the agreement, Websense Inc. stockholders will receive $24.75 in cash for each share of Websense Inc. common stock they hold.
However, the plaintiff alleges that the defendants breached their fiduciary duties owed to WBSN stockholders arising out of the attempt to sell Websense, Inc too cheaply via an unfair process to Vista Equity Partners.
The plaintiff says that the $24.75-offer is unfair to WBSN stockholders and undervalues the company.
Indeed, shares of Websense Inc. grew from under $10 in 2009 to as high as $27.82 per share in July 2012. Furthermore, the financial performance of Websense Inc. improved lately. For instance, it reported that its annual Total Revenue rose from $313.71 million in 2009 to $364.18 million in 2011 and its Net Loss of $10.70 million turned to a Net Income of $30.99 million in 2011.
On May 31, 2013, WBSN shares closed at $24.85 per share.
Those who currently are investors in Websense Inc. (WBSN) shares and purchased a substantial amount of WBSN shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.