NEW YORK, Feb. 15, 2019 /PRNewswire/ -- WeissLaw
LLP is investigating possible breaches of fiduciary duty
and other violations of law by the Board of Directors of
Ellie Mae, Inc. ("ELLI" or the
"Company") (NYSE: ELLI) in connection with the proposed acquisition
of the Company by private equity firm Thoma Bravo, LLC
("Thoma Bravo"). Under the
terms of the acquisition agreement, shareholders will receive
$99.00 in cash for each ELLI share
they own.
If you own ELLI shares and wish to discuss
this investigation or have any questions concerning this notice or
your rights or interests, please contact:
Joshua Rubin,
Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY
10036(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
Visit our
website
http://www.weisslawllp.com/ellie-mae-inc/
Or
follow us on Twitter @MarketsAlert
WeissLaw is investigating whether ELLI's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $135.00 per ELLI share, or $36.00 above the offer price. Additionally,
the offer price is also nearly $18.00
less than the Company's 52-week high of $116.90.
Moreover, ELLI announced positive financial results for the
fourth quarter and full year ended 2018. It reported revenue
of $116 million in the fourth quarter
of 2018, representing increase of $3.1
million year-over-year when compared to the $112.9 million reported in the same period of the
previous year. ELLI also reported revenue of $480.3 million for fiscal year 2018, representing
increase of $63.3 million when
compared to the $417 million reported
in 2017.
Given these facts, WeissLaw is concentrating its investigation
on whether ELLI's Board conducted a fair process in agreeing to the
proposed acquisition, whether the proposed acquisition undervalues
the Company, and whether all material information related to the
proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-investigates-ellie-mae-inc-300796645.html
SOURCE WeissLaw LLP