MODN Alert: Monsey Firm of Wohl & Fruchter Renews Investigation of the Proposed Sale of Model N to Vista Equity Partners
MONSEY, N.Y., May 13, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP has renewed its investigation into the fairness of the price of $30.00 per share in cash for which Model N, Inc. (NYSE:MODN) ("MODN") has agreed to be sold to Vista Equity Partners ("Vista").
The investigation of the proposed sale was renewed upon the filing of a preliminary proxy by MODN concerning the proposed sale on May 3, 2024.
If you remain an MODN shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/model-n/
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
Why is there an investigation?
On April 8, 2024, MODN announced that it had agreed to be sold to Vista for $30.00 per share in cash.
On April 15, 2024, ClearBridge Investments, which owns 6.9% of Model N's outstanding common shares, wrote a letter to Model N's Board of Directors communicating ClearBridge's belief that the proposed sale to Vista "materially undervalues Model N's outlook as a public company or value to strategic or financial buyers."
ClearBridge's position that the proposed sale undervalues Model N is consistent with the pre-announcement price targets of multiple Wall Street analysts above the proposed sales price of $30.00 per share (source: TipRanks):
- $45.00 per share of Adam Hotchkiss at Goldman Sachs
- $40.00 per share of Craig Hettenbach at Morgan Stanley
- $40.00 per share of Terry Tillman at Truist Financial
- $37.50 per share of Jackson Ader at KeyBanc
- $31.00 per share of Ryan MacDonald at Needham
On May 4, 2024, MODN filed a preliminary proxy concerning the proposed sale.
"Upon the filing of a preliminary proxy, we have renewed our investigation into whether the MODN Board of Directors acted in the best interests of MODN shareholders in approving the sale," explained Joshua Fruchter, a founding partner of Wohl & Fruchter. "This includes whether the price agreed upon is fair to MODN shareholders, as well as whether all material information regarding the transaction has been fully disclosed."
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
[email protected]
www.wohlfruchter.com
