San Diego, CA -- (ReleaseWire) -- 04/16/2012 -- An investor in NASDAQ:DDIC shares filed a lawsuit against directors of DDi Corp. in effort to block the proposed takeover of DDi Corp. by Viasystems Group, Inc. for $13 per NASDAQ:DDIC share.
Investors who purchased shares of DDi Corp. (NASDAQ:DDIC) prior to April 4, 2012 and currently hold any of those NASDAQ:DDIC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:DDIC stockholders arising out of the attempt to sell DDi Corp. via an unfair process at an unfair price.
On April 04, 2012, DDi Corp. and Viasystems Group, Inc. announced that they have entered into a merger agreement pursuant to which Viasystems will acquire DDi for $13.00 per share in cash, or a total transaction value of approximately $282 million, or $268 million net of DDi’s cash plus debt assumed. DDi Corp. said that the $13offer represents a 20% premium to the volume weighted average price of DDi’s common stock over the last three months.
However, the plaintiff alleges that the $13offer is unfair to DDi Corp stockholders, undervalues the company, and does not account for the "significant synergies created by the merger."
Indeed, the $13offer represents only a meager a 6% premium over DDi's closing stock price of $12.26 on Tuesday, April 3,2012. In addition, the plaintiff said that given DDi's recent strong performance and its positioning for growth, the $13offer is inadequate. Indeed, DDi Corp. has performed well in the past for its investors. DDi Corp’s annual Revenue increased from $190.84million in 2008 to $263.39million in 2011 and its Net Loss of $34.56million in 2008 turned into a Net income of $21.84million in 2011. Furthermore, NASDAQ:DDIC shares grew over the past recent years at an exceptional growth rate. Shares of DDi Corp. (NASDAQ:DDIC) rose from as low as $2.80 in 2009 to over $12 in March 2012.
Furthermore the plaintiff alleges that the process is unfair to DDIC stockholders. In fact all members of DDi’s board of directors and certain members of management have already agreed to vote a number of common shares representing approximately 23% of the outstanding shares of DDi in favor of the merger.
Those who are current investors in DDi Corp. (NASDAQ:DDIC) and purchased their DDi Corp. (NASDAQ:DDIC) shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego