BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: ChampionX Corporation (Nasdaq – CHX), Model N, Inc. (NYSE – MODN), Macatawa Bank Corporation (Nasdaq - MCBC), Apartment Income REIT Corp. (NYSE - AIRC)
BALA CYNWYD, Pa., May 13, 2024 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith.com) or Marc Ackerman (mackerman@brodskysmith.com) at 855-576-4847. There is no cost or financial obligation to you.
Model N, Inc. (NYSE – MODN)
Under the terms of the agreement, Model N will be acquired by Vista Equity Partners (“Vista”). Vista will acquire all outstanding shares of Model N common stock for $30.00 per share in cash, implying a transaction value of approximately $1.25 billion. The investigation concerns whether the Model N Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the deal consideration offers fair value to the Company’s shareholders. For example, the deal consideration is below the 52-week high of $35.96 for the Company’s shares.
Additional information can be found at https://www.brodskysmith.com/cases/model-n-inc-nyse-modn/.
ChampionX Corporation (Nasdaq – CHX)
Under the terms of the agreement, ChampionX will be acquired by SLB (NYSE - SLB). ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for each ChampionX share. At the closing of the transaction ChampionX shareholders will own approximately 9% of SLB’s outstanding shares of common stock. The investigation concerns whether the ChampionX Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to the Company’s shareholders and whether SLB is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/championx-corporation-nasdaq-chx/.
Macatawa Bank Corporation (Nasdaq - MCBC)
Under the terms of the agreement, Macatawa will be acquired by Wintrust Financial Corporation (“Wintrust”) (Nasdaq - WTFC) Each share of Macatawa common stock outstanding will be converted into the right to receive merger consideration paid in shares of Wintrust common stock based on Wintrust’s average trading price at closing determined in accordance with the merger agreement. The aggregate purchase price to Macatawa shareholders is currently estimated to be approximately $510.3 million, or $14.85 per share. The investigation concerns whether the Macatawa Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the offer from Wintrust provides fair value to the Company’s shareholders.
Additional information can be found at https://www.brodskysmith.com/cases/macatawa-bank-corporation-nasdaq-mcbc/.
Apartment Income REIT Corp. (NYSE - AIRC)
Under the terms of the agreement, AIR Communities will be acquired by Blackstone (NYSE - BX). Under the terms of the transaction, Blackstone Real Estate Partners X will acquire all outstanding shares of AIR Communities common stock for $39.12 per share in cash, implying a transaction value of approximately $10 billion. The investigation concerns whether the AIR Communities Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the deal consideration offers fair value to the Company’s shareholders.
Additional information can be found at https://www.brodskysmith.com/cases/apartment-income-reit-corp-nyse-airc/.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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