By Daniel Webster, dWeb.News
SAN DIEGO, July 20th, 2021 /PRNewswire/ — Johnson Fistel, LLP, a shareholder rights law firm, has opened an investigation into whether Five9, Inc. (NASDAQ : FIVN) (“Five9”) or the “Company”) breached its fiduciary obligations in connection to the proposed sale of Zoom Video Communications, Inc., (NASDAQ : ZM).
Five9 announced on July 18, 2021 that it had entered into a definitive agreement with Zoom Video. For every share of Five9, five9 stockholders will be entitled to 0.5533 shares Class A common stock from Zoom Video. Based on the closing share prices of Zoom Video Class A Common Stock as of July 16, 2021 this amounts to a per share price of Five9 common stock at $200.28. Future fluctuations in Zoom Video’s stock prices will affect Five9.
The investigation focuses on whether Five9’s board failed to fulfill its obligations to shareholders. This includes whether the board pursued alternative acquisitions and whether the board received the best price for Five9 shares. Johnson Fistel, a nationally recognized institution, is investigating whether the deal offers adequate consideration, particularly considering analysts’ projections of future revenue growth. One Wall Street analyst set a $230 price target for the stock.
If you are a shareholder in Five9 and feel the proposed buyout price was too low, or if you have any questions about the investigation, please contact Jim Baker ([email protected]), at 619-814-44701. If you email, please include your phone number.
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Johnson Fistel LLP: Johnson Fistel LLP is a nationally-recognized shareholder rights law firm, with offices in California and New York. The firm represents institutional and individual investors in shareholder derivative lawsuits and securities class action lawsuits. Visit https://www.johnsonfistel.com for more information about the firm’s attorneys. Advertising for attorneys. Past results are not indicative of future results.
Contact:Johnson Fistel LLPJim Baker, 619-814 4471[email protected]
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