WeissLaw LLP Announces the Investigation of the Rentrak Corporation Acquisition
NEW YORK, Sept. 30, 2015 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm is investigating the fairness of the proposed acquisition of Rentrak Corporation ("RENT" or the "Company") by comScore, Inc. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of RENT stemming from the September 29, 2015 announcement that the RENT Board of Directors approved a definitive agreement for comScore to acquire the Company. Under the terms of the agreement, RENT shareholders will receive 1.15 shares of comScore for each RENT share they own; representing a total value of $47.69 per RENT share based on comScore's September 29, 2015 closing price.
WeissLaw is investigating whether RENT's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $100.00 per share, or approximately $53.00 above the offer price. Additionally, RENT shares traded at $71.89 as recently as August 4, 2015. Further, RENT recently announced positive financial results for the first quarter of fiscal 2016. It reported revenues of $27.5 million, representing a 25% increase on a constant currency basis year-over-year. Upon completion of the transaction, RENT shareholders will own a mere 33.5% of the newly combined company.
Given these facts, WeissLaw is investigating the Board's decision to sell RENT and whether RENT's shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own RENT shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP
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