Pivotal (PVTL) Alert: Johnson Fistel Investigates Proposed Sale of Pivotal Software, Inc.; Are Shareholders Getting a Fair Price?

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Aug 23, 2019, 08:48 ET

SAN DIEGO, Aug. 23, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Pivotal Software, Inc. (NYSE: PVTL) ("Pivotal") breached their fiduciary duties in connection with the proposed sale of the Company to VMware, Inc. ("VMware").

On August 22, 2019, Pivotal announced that it had signed a definitive merger agreement with VMware. Under the terms of the transaction, Pivotal's Class A common stockholders will receive $15.00 per share cash for each share held, and Pivotal's Class B common stockholder, Dell Technologies, will receive approximately 7.2 million shares of VMware Class B common stock, at an exchange ratio of 0.0550 shares of VMware Class B common stock for each share of Pivotal Class B common stock.

The investigation concerns whether the Pivotal board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Pivotal shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth; also one Wall Street analyst has a $21.00 price target on the stock. The 52-week high for Pivotal was $29.15.

If you are a shareholder of Pivotal and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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SOURCE Johnson Fistel, LLP