NEW YORK, Nov. 12, 2019 /PRNewswire/ -- WeissLaw
LLP is investigating possible breaches of fiduciary duty and
other violations of law by the Board of Directors of Carbonite,
Inc. ("CARB" or the "Company") (NASDAQ: CARB) in connection with
the proposed acquisition of the Company by OpenText Corporation
("OTEX") (NASDAQ: OTEX). Under the terms of the acquisition
agreement, CARB shareholders will receive $23.00 for each CARB share they own.
If you own CARB shares and wish to discuss
this investigation or have any questions concerning this notice or
your rights or interests, visit our website:
http://www.weisslawllp.com/carbonite-inc/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw is investigating whether CARB's Board acted to maximize
shareholder value prior to entering into the acquisition
agreement. Notably, at least one analyst set a target price
of $35.00 per CARB share, or
$12.00 above the offer price.
In addition, RBC Capital downgraded the Company's stock from
Outperform to Sector Perform on the same day as the acquisition
announcement.
Finally, the Company announced revenue of $125.6 million in the third quarter of 2019,
representing an impressive 62% year-over-year increase when
compared to the figures reported in the same period of the previous
year.
Given these facts, WeissLaw is concerned whether the proposed
acquisition undervalues the Company, and whether all material
information related to the proposed acquisition is fully and fairly
disclosed.
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
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SOURCE WeissLaw LLP