Dec. 21, 2012
/PRNewswire/ -- Shareholder rights attorneys at
Robbins Umeda LLP
are investigating possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Eloqua, Inc. (NASDAQ: ELOQ) in connection with their efforts to sell the company to Oracle Corporation (NASDAQ: ORCL). Eloqua is a provider of cloud-based marketing automation and revenue performance management software.
December 20, 2012
, Eloqua and Oracle announced they had entered into an agreement under which Oracle will acquire Eloqua through an all cash offer that values the company at
. Eloqua shareholders will receive
per share. The transaction is expected to close in the first half of 2013.
The Board of Directors' Actions May Prevent Eloqua Shareholders from Receiving the Maximum Value for Their Stock
Robbins Umeda LLP's investigation focuses on whether the board of directors at Eloqua is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. The
per share offer price is substantially below target prices set by several analysts. For example, an analyst at J.P. Morgan set a target price of
and an analyst at Needham & Company set a target price of
. Further, the
per share offer price is significantly below the
share price the stock traded at on
November 1, 2012
. Further, on
October 24, 2012
, Eloqua announced strong financial results for the third quarter 2012. For the quarter, the company reported record revenue of
, an increase of 30% over the same quarter in 2011. Moreover, subscription and support revenues increased 32% over the same quarter in 2011. Given, these facts, the firm is examining whether the board of directors' decision to sell Eloqua for
per share is fair to shareholders and maximizes the value for their shares.
Eloqua shareholders have the option to file a
class action lawsuit
against the company to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner. Eloqua shareholders interested in information about their rights and potential remedies can contact
Darnell R. Donahue
at (800) 350-6003,
, or via the
shareholder information form
on the firm's website.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than
of value for themselves and the companies in which they have invested. For more information, please go to
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