MONSEY, N.Y., March 27, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the price of $1.40/share in cash at which Berkshire Grey, Inc. (Nasdaq: BGRY) (“Berkshire”) has agreed to be sold to its largest shareholder, SoftBank Group Corp. (“SoftBank”).
If you remain a Berkshire shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/berkshire-grey/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On March 27, 2023, Berkshire announced that it had agreed to be acquired for $1.40 per share in cash by SoftBank, which already owns approximately 28% of Berkshire’s outstanding common shares. The agreement has been approved by the Berkshire board of directors (“Board”).
“We are investigating whether the Berkshire Board acted in the best interests of Berkshire shareholders in approving the sale,” explained Joshua Fruchter, one of the law firm’s name partners. “This includes whether the price agreed upon is fair to Berkshire shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, the $1.40 per share deal price is well below the (i) 52-week high for Berkshire of $3.72 per share on March 18, 2022, and (ii) $10.00 per share at which Berkshire closed on July 22, 2021, on the first day of trading after completing its business combination with a SPAC, which indicates that SoftBank may be taking advantage of the temporary market downturn to acquire Berkshire at a bargain price.
Further, according to an analysis of Wall Street price targets for Berkshire in the last 90 days published on Seeking Alpha, an analyst covering Berkshire has a price target of $2.50 per share, which indicates that the deal price may be too low.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, 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
alerts@wohlfruchter.com
www.wohlfruchter.com
