SAN DIEGO, Feb. 12, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Ellie Mae, Inc. (NYSE: ELLI) ("Ellie Mae") breached their fiduciary duties in connection with the proposed sale of the Company to Thoma Bravo, LLC ("Thoma Bravo"). Ellie Mae provides cloud-based platform for the mortgage finance industry in the United States.
On February 12, 2019, Ellie Mae announced that it had signed a definitive merger agreement with Thoma Bravo. Under the terms of the agreement, all Ellie Mae shareholders will receive $99.00 in cash per share.
The investigation concerns whether the Ellie Mae 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 Ellie Mae shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given that one Wall Street analyst has a $135.00 price target on the stock. Additionally, Ellie Mae has over $270 million in cash and no long-term debt. The 52-week high for Ellie Mae was $116.90.
If you are a shareholder of Ellie Mae 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 (firstname.lastname@example.org) 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.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson Fistel, LLP