NEW YORK, Oct. 26, 2015 /PRNewswire/ --The fairness of the proposed acquisition of SanDisk Corporation ("SNDK" or the "Company") by Western Digital Corporation is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of SNDK for agreeing to sell the Company to Western Digital. On October 21, 2015, the Company announced it had reached a definitive agreement for Western Digital to acquire SNDK in a transaction valued at approximately $19.0 billion. Under the terms of the agreement, SNDK shareholders will receive $85.10 in cash and 0.0176 of a Western Digital common share for each SNDK shares they own; representing a total value of $86.33 per SDNK share based on Western Digital's October 22, 2015 closing price.
WeissLaw is investigating whether SNDK's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $90.00 per share, or approximately $4.00 above the offer price. Further, SDNK reported revenues of $1.452 million in the third quarter of 2015, representing a 17% sequential increase in revenues.
Given these facts, WeissLaw is investigating whether SNDK' s Board acted in the best interests of SNDK' s public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Western Digital. If you own SNDK 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 stockinfo@weisslawllp.com.
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 stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP