A lawsuit was filed by investor in shares of Trulia Inc (NYSE:TRLA) in effort to stop the proposed takeover and NYSE:TRLA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/18/2014 -- An investor, who currently holds shares of Trulia Inc (NYSE:TRLA) filed a lawsuit in effort to halt the proposed takeover of Trulia Inc by Zillow, Inc.
Investors who purchased shares of Trulia Inc (NYSE:TRLA) and currently hold any of those (NYSE:TRLA shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:TRLA stockholders by agreeing to sell Trulia Inc too cheaply via an unfair process to Zillow, Inc.
On July 28, 2014, Zillow, Inc. (NASDAQ:Z) announced that it has entered into an agreement to acquire Trulia, Inc. (NYSE:TRLA) for $3.5 billion in a stock-for-stock transaction. As part of the agreement, Trulia shareholders will receive 0.444 shares of Class A Common Stock of Zillow, Inc.5 for each share of Trulia. Based on a closing price of $158.86 per Zillow share on Friday, July 25, 2014, Trulia shareholders will receive a value of approximately $70.54 per NYSE:TRLA shares they own.
However, the plaintiff claims that the offer is unfair to NYSE:TRLA stockholders and undervalues Trulia Inc. Indeed, Trulia Inc reported that its annual Total Revenue rose from $19.79 million in 2010 to $143.73 million in 2013. Shares of Trulia Inc (NYSE:TRLA) grew from $15.15 per share in November 2012 to as high as $55.68 per share on July 25, 2014.
Furthermore, the plaintiff alleges that the process is also unfair to NYSE:TRLA stockholders. Indeed, certain Trulia directors holding 7.4% of Trulia stock have already entered into voting agreements with Zillow to vote in favor of the transaction.
On August 15, 2014, NYSE:TRLA shares closed at $56.76 per share.
Those who are current investors in Trulia Inc (NYSE:TRLA) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com