NEW YORK, Sept. 23, 2019 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Arotech Corporation (“Arotech” or the “Company”) (NASDAQ: ARTX) in connection with the proposed acquisition of the Company by an affiliate of Greenbriar Equity Group, L.P. (“Greenbriar Equity). Under the terms of the acquisition agreement, ARTX shareholders will receive $3.00 per share in cash.
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WeissLaw is investigating whether Arotech’s Board acted to maximize shareholder value prior to entering into the acquisition agreement. Specifically, GreenBriar’s offer price is less than Arotech’s 52-week high of $3.66. Additionally, Arotech earned $23.27 million for the most recent quarter, exceeding analyst expectations of $21.58 million.
WeissLaw is concentrating its investigation on whether the acquisition enhances shareholder value. Notably, one analyst has recently upgraded Arotech to buy, while another issued a 12-month target price of $4.50 for the Company and rated it a Strong Buy.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
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@example.com
SOURCE WeissLaw LLP