WILMINGTON, Del., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announces that a lawsuit has been filed by another law firm on behalf of shareholders of BTRS Holdings, Inc. (NASDAQGS: BTRS) (a/k/a Billtrust) (“BTRS” or the “Company” or “Billtrust”) for possible corporate misconduct and violations of federal securities laws.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you currently own shares of BTRS and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/btrs-merger-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
On September 28, 2022, the two parties announced the signing of a definitive merger agreement pursuant to which EQT will acquire Billtrust in a merger worth $1.7 billion. As a result of the merger, Billtrust shareholders are only anticipated to receive $9.50 per share in cash in exchange for each share of Billtrust (the “Merger”). While the Company claims that shareholders will receive a premium for their shares, the merger price is 26% less than the $13.00 per share price target set by Canaccord Genuity in August 2022, just one month prior to the announcement of the merger. The consideration is also less than Billtrust’s 52-week high of $11.01 per share.
A BTRS shareholder represented by another law firm has filed a complaint against BTRS for federal securities violations. The complaint was filed in the United States District Court, Southern District of New York, Case No. 1:22-cv-09212.
According to the lawsuit, which was filed on October 27, 2022, defendants filed a proxy statement (the “Proxy”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Merger.
The Proxy omits material information with respect to the Merger, which renders the Proxy false and misleading. Accordingly, plaintiff seeks that the Merger should be enjoined until defendants disclose more information to stockholders.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
| Contact: | Craig J. Springer, Esq. | |
| cspringer@andrewsspringer.com | ||
| Toll Free: 1-800-423-6013 |
