WILMINGTON, Del., March 20, 2017 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Nimble Storage, Inc. (“Nimble Storage” or the “Company”) relating to the sale of the Company to Hewlett Packard Enterprise (“Hewlett Packard”). On March 7, 2017, the two parties announced the signing of a definitive merger agreement pursuant to which Hewlett Packard will acquire Nimble Storage in a merger worth $200 million. As a result of the merger, Nimble Storage shareholders are only anticipated to receive $12.50 per share in cash in exchange for each share of Nimble Storage.
Andrews & Springer's investigation so far has revealed that the consideration Nimble Storage shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the merger price is 12% less than the $14.00 per share price target set by Maxim Group just two months prior to the announcement of the merger. The consideration is also less than the $14.00 per share price target set by Summit Redstone Partners on November 23, 2016. Our Firm's investigation has also discovered that the process leading up to the announcement of the merger appears to have significant conflicts of interest, thus making the process and consideration unfair.
If you own shares of Nimble Storage and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/nimble-storage-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook – www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.