The proposed acquisition of CardConnect Corp. (“CCN” or the “Company”) by First Data Corporation (“FDC”) is the subject of an examination by WeissLaw LLP, a national class action, shareholders rights law firm. On May 29, 2017, CCN and FDC jointly announced the acquisition of the Company by FDC. Under the terms of the agreement, the Company’s shareholders will receive $15.00 in cash for each CCN share they own.
WeissLaw is investigating whether CCN’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $20.00, or $5.00 above the offer price. Additionally, the Company recently announced positive financial results. It reported revenue increased 20.5% to $156.7 million in the first quarter of 2017 as compared to $130 million in the previous year. CCN also announced a 22.8% increase in bankcard volume from $4.9 billion to $6.0 billion.
Given these facts, WeissLaw is investigating whether CCN’s Board acted in the best interests of CCN’s public shareholders to maximize shareholder value prior to entering into the agreement. If you own CCN 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 firstname.lastname@example.org.
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 or fill out the form on our website, http://www.weisslawllp.com/cardconnect-corp/