Out of the shadows they come... | SHAREHOLDER ALERT: Brower Piven Announces The Investigation Of Trulia, Inc. In Connection With The Proposed Sale Of The Company To Zillow, Inc. | STEVENSON, Md.--(BUSINESS WIRE)--July 30, 2014--
The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Trulia, Inc. ("Trulia" or the "Company") (NYSE: TRLA) relating to the proposed buyout of the Company by Zillow, Inc. ("Zillow").
On July 28, 2014, Zillow announced that it has entered into a definitive agreement to acquire Trulia in a merger valued at approximately $3.5 billion. Under the terms of the transaction, Trulia shareholders are anticipated to receive 0.444 of a Zillow share for each share of Trulia stock they own.
The firm's investigation seeks to determine, among other things, whether the Company's Board of Directors breached their fiduciary duties by failing to maximize shareholder value before agreeing to enter into the transaction, and whether Zillow is underpaying for Trulia shares. In particular, Trulia Board members who collectively hold 7.4% of Trulia's stock have already agreed to tender their shares, and current CEO Pete Flint will remain the company's CEO and will maintain a seat on the Board.
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