Ellie Mae, Inc. (NYSE: ELLI) Investor Lawsuit Over Alleged Wrongdoing In Acquisition Filed

Investors who purchased shares of Ellie Mae, Inc. (NYSE: ELLI) and currently hold any of those NYSE: ELLI shares have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Ellie Mae
Case Name: 
Ellie Mae Deal Case
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition

An investor, who currently holds shares of Ellie Mae, Inc. (NYSE: ELLI), filed a lawsuit against the takeover of Ellie Mae, Inc.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: ELLI stockholders by agreeing to sell Ellie Mae, Inc. cheaply via an unfair process.

Pleasanton, CA based Ellie Mae, Inc. provides cloud-based platform for the mortgage finance industry in the United States. ON February 12, 2019, Ellie Mae, Inc. (NYSE: ELLI) announced that it has entered into an agreement to be acquired by Thoma Bravo, LLC in an all-cash transaction that values Ellie Mae at an aggregate equity value of approximately $3.7 billion. Under the terms of the agreement, all Ellie Mae, Inc. (NYSE: ELLI) shareholders will receive $99.00 in cash per share.

However, plaintiff claims that the proposed consideration NYSE: ELLI shareholders will receive is grossly inadequate and undervalues Ellie Mae, Inc. Indeed, at least one analyst has set the high target price for NYSE: ELLI shares at $135.00 per share and NYSE: ELLI shares traded as high as $116.08 per share in June 2018. In addition, the plaintiff alleges that the process is also unfair NYSE: ELLI stockholders