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NEWR BUYOUT ALERT: Kaskela Law LLC Announces Investigation of New Relic, Inc. (NYSE: NEWR) Buyout and Seeks Additional Cash for Investors
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Kaskela Law LLC is investigating the proposed stockholder buyout of New Relic, Inc. by private investment firms Francisco Partners and TPG. The buyout price of $87.00 per share in cash appears to undervalue New Relic's shares, as the stock had traded at $86.00 per share less than three months ago. Several stock analysts had assigned price targets well above the buyout price. Kaskela Law is investigating whether shareholders will receive sufficient cash consideration and whether fiduciary duties were breached.
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PHILADELPHIA--(BUSINESS WIRE)--
Kaskela Law LLC announces that it is investigating the proposed stockholder buyout of New Relic, Inc. (“New Relic”) (NYSE: NEWR) on behalf of the company’s shareholders.
On July 31, 2023, New Relic announced that it would be acquired by private investment firms Francisco Partners and TPG at a price of $87.00 per share in cash. Following the closing of the proposed transaction, New Relic shareholders will be cashed out of their investment position and the company’s shares will no longer be publicly traded.
The $87.00 per share buyout price appears to undervalue New Relic’s shares, as the company’s stock had traded at $86.00 per share less than three months ago. Further, at the time the proposed buyout was negotiated and announced, several stock analysts had assigned price targets on NEWR’s shares well above the $87.00 per share buyout price, including Credit Suisse who had assigned a $113.00 per share price target to the shares.
Accordingly, Kaskela Law is investigating whether New Relic’s shareholders are set to receive sufficient cash consideration for their NEWR shares in the proposed buyout, and whether New Relic’s officers and/or directors breached their fiduciary duties or violated the securities laws in agreeing to sell the company to Francisco Partners and TPG at $87.00 per share.
New Relic shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/new-relic/ , for additional information about this investigation and their legal rights and options.
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.
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
Source: Kaskela Law LLC
FAQ
What is Kaskela Law investigating?
Kaskela Law is investigating the proposed stockholder buyout of New Relic, Inc. by Francisco Partners and TPG.
What is the buyout price per share?
The buyout price is $87.00 per share in cash.
How does the buyout price compare to the stock's recent trading price?
The buyout price appears to undervalue the shares, as the stock had traded at $86.00 per share less than three months ago.
What did stock analysts say about the stock's price?
Several stock analysts assigned price targets above the buyout price, including Credit Suisse who assigned a $113.00 per share price target.
What is Kaskela Law investigating regarding shareholders?
Kaskela Law is investigating whether shareholders will receive sufficient cash consideration for their shares.
What is Kaskela Law investigating regarding New Relic's officers and/or directors?
Kaskela Law is investigating whether fiduciary duties were breached or securities laws were violated in agreeing to sell the company.
How can New Relic shareholders get additional information?
New Relic shareholders can contact Kaskela Law LLC at (484) 229 - 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com), or online at https://kaskelalaw.com/cases/new-relic/.
