Science & Technology
Science and Technology
Science and Technology
Tue, January 17, 2012
Convio, Inc. [CNVO] Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Convio, Inc. Concer
Convio, Inc. [CNVO] Shareholder Alert: The Briscoe Law Firm and Powers Taylor,... -- DALLAS, Jan. 17, 2012 /PRNewswire/ --
Convio, Inc. [CNVO] Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Convio, Inc. Concerning the Sale of CNVO to Blackbaud, Inc.
DALLAS, Jan. 17, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney [ Willie Briscoe ] and the securities litigation firm of [ Powers Taylor, LLP ] are investigating the sale of Convio, Inc. ("Convio" or "CNVO") (NASDAQ: [ CNVO ]) to Blackbaud, Inc. Under the proposed transaction, Convio shareholders will receive $16.00 in cash for each share of Convio/CNVO stock owned, which is below the target price of $17.00 announced by analysts.
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If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction valued at approximately $275 million, which is expected to close in the first quarter of 2012.
The investigation centers on whether Convio shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Convio's stock, and whether Convio's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. More specifically, Convio shares closed above $12.90 per share as recently as early April 2011, and according to Yahoo! Finance, at least one analyst has set a target price of $17.00 per share for Convio stock. According to shareholder rights attorney Willie Briscoe, "Although the acquisition price represents a premium over the closing price of Convio shares the trading day prior to the buyout announcement, based on Convio's historical share price, recent analyst reports, and other factors, we are investigating whether the transaction undervalues Convio stock. Our lawsuit will seek to obtain the highest share price for all shareholders."
[ The Briscoe Law Firm, PLLC ] is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
[ Powers Taylor, LLP ] is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP
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[ http://www.powerstaylor.com ]
