PHILADELPHIA, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating New Relic, Inc. (“New Relic”) (: NEWR) on behalf of the company’s stockholders following the recently announced proposed buyout of NEWR stockholders by private equity firms Francisco Partners and TPG at $87.00 per share.
The $87.00 per share buyout price appears to undervalue New Relic’s shares. Notably, at the time the proposed buyout was negotiated and announced, several stock analysts had assigned price targets on New Relic’s shares well above the $87.00 per share buyout price, including one who had assigned a $113.00 per share price target to the shares. Additionally, Reuters recently reported that “[t]he two private equity firms offered more than $90 per share in cash to acquire New Relic” in May.
The investigation seeks to determine whether $87.00 per share represents sufficient consideration for New Relic’s shares, and whether the company’s officers and/or directors breached their fiduciary duties to stockholders or violated the securities laws by agreeing to sell the company at $87.00 per share.
New Relic stockholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email ([email protected] / [email protected]) or online at https://kaskelalaw.com/cases/new-relic/ , for additional information about this investigation and their legal rights and options with respect this matter.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
