PHILADELPHIA, Feb. 17, 2020 /PRNewswire/ -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against LogMeIn, Inc. ("LogMeIn" or the "Company") (NASDAQ:LOGM) in connection with the proposed merger (the "Proposed Transaction") between LogMeIn, Francisco Partners and Evergreen Coast Capital Corporation ("Evergreen"), the private equity affiliate of Elliot Management Corporation.
In connection with the Proposed Transaction, on December 17, 2019, LogMeIn announced that it had entered into an agreement to be acquired at a price of $86.05 per share in cash. According to the complaint, on January 17, 2020, "in order to convince LogMeIn shareholders to vote in favor of the Proposed Transaction," LogMeIn's officers and directors "authorized the filing of a materially incomplete and misleading" proxy statement with the U.S. Securities and Exchange Commission ("SEC"), in violation of the securities laws. The complaint alleges that defendants "failed to disclose certain material information that is necessary for shareholders to properly assess the fairness of the Proposed Transaction, thereby violating SEC rules and regulations and rendering certain statements in the Proxy materially incomplete and misleading."
LogMeIn stockholders may, no later than April 13, 2020, seek to be appointed as a lead plaintiff representative in the action.
LogMeIn shareholders are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585, or online at http://kaskelalaw.com/case/logmein-inc/, for additional information about this action and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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SOURCE Kaskela Law LLC