MONSEY, N.Y., Jan. 23, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of Evoqua Water Technologies Corp. (NYSE: AQUA) (“Evoqua”) acted in the best interests of Evoqua shareholders in approving the sale of Evoqua to Xylem, Inc. (“Xylem”) in an all-stock transaction pursuant to which 0.480 shares of Xylem will be exchanged for each share of Evoqua. However, Xylem’s stock price is down today on the news, which has substantially reduced the value of the deal to Evoqua shareholders.
If you remain an Evoqua 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/evoqua-water-technologies-corp/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On January 23, 2023, Evoqua announced that it had agreed to be acquired by Xylem in an all-stock transaction pursuant to which 0.480 shares of Xylem will be exchanged for each share of Evoqua. However, Xylem’s stock price is down today on the news, which has substantially reduced the value of the deal to Evoqua shareholders to below $50 per share.
The agreement has been approved by the Evoqua board of directors (“Board”).
“Our investigation concerns whether Evoqua’s Board acted in the best interests of Evoqua shareholders in approving the sale,” explained Joshua Fruchter, a partner in the firm. “This includes whether the acquisition price adequately compensates Evoqua shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to an analysis of Wall Street price targets for Evoqua in the last 90 days published on Seeking Alpha, there is a high price target for Evoqua of $54.00 per share, which is well above the implied deal price, especially given the substantial drop today in the price of Xylem.
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
