December 20, 2016 (Shareholders Foundation) - An investor who currently holds shares of Lifelock Inc (NYSE:LOCK), filed a lawsuit in effort to halt the proposed takeover of Lifelock Inc by Symantec Corp for $24.00 per share. The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:LOCK stockholders by agreeing to sell Lifelock Inc. too cheaply via an unfair process to Symantec Corp.
On November 20, 2016 — Symantec Corp. (NASDAQ: SYMC) and Lifelock Inc (NYSE:LOCK) announced that they have entered into a definitive agreement for Symantec to acquire LifeLock for $24 per share or $2.3 billion in enterprise value. However, the plaintiff claims that the proposed consideration NYSE:LOCK shareholders will receive is grossly inadequate and undervalues Lifelock Inc. In addition, the plaintiff alleges that the process is also unfair NYSE:LOCK stockholders.
On December 20, 2016, NYSE:LOCK shares closed at $23.89 per share.