NEW YORK, Aug. 18, 2015 /PRNewswire/ -- The proposed
acquisition of Zulily Inc. ("ZU" or the "Company") by Liberty
Interactive Corporation ("Liberty Interactive") is being
investigated by WeissLaw LLP for possible breaches of fiduciary
duty and other violations of law by the Board of Directors of
ZU. On August 17, 2015, the
Company announced that its Board of Directors approved a definitive
merger agreement for Liberty Interactive to acquire ZU in a
cash-and-stock transaction valued at $2.4
billion. Under the terms of agreement, ZU shareholders
will receive $9.375 in cash and
0.3098 of a newly issued share of Liberty Interactive for each ZU
share owned. This represents a consideration of $18.75 based on the August
14, 2015 closing price of Liberty Interactive.
WeissLaw is investigating whether ZU's Board acted to maximize
shareholder value. Notably, prior to the announcement the
Company announced positive financial results for the second quarter
of 2015. It reported gross profits of $92.5 million, as compared with $63.7 million in the same period of the previous
year, representing a 14% increase year-over-year.
Additionally, ZU also reported that gross margins increased
to 31.1%, representing an increase of 270 basis points year-over
year.
Given these facts, WeissLaw is investigating the Board's
decision to sell ZU and whether ZU shareholders will obtain their
fair and proportionate share of the Company's continued success and
future growth prospects. If you own ZU shares and would like
more information about your rights or our investigation, or if you
have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or
by email at stockinfo@weisslawllp.com.
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 stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP