SAN DIEGO and KIRKLAND, Wash., May 9, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of Market Leader, Inc. (NASDAQ: LEDR) by Trulia, Inc. (NYSE: TRLA). On May 8, 2013, Trulia announced that it had entered into a definitive merger agreement with Market Leader whereby Market Leader shareholders will receive $6 in cash and 0.1553 shares of Trulia's common stock for each Market Leader share. The transaction has been approved by the boards of directors of both companies and is expected to close in the third quarter of 2013.
The Board of Directors' Actions May Prevent Market Leader Shareholders from Receiving Maximum Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Market Leader is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger.On May 9, 2013, Market Leader released its first quarter 2013 financial results reflecting a strong overall performance. Notably, Market Leader's revenue increased 27% to $12.9 million from $10.2 million in the first quarter of 2012, marking the company's thirteenth consecutive quarter of growth. In announcing, Market Leader attributed its strong first quarter performance to its industry leading software products, which "drove some of the most robust new sales that the company has seen in many years." Moreover, in two years, Market Leader increased its customer base to 135,000 agents from less than 20,000 agents. Given these facts, the firm is examining the board of directors' decision to sell Market Leader now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.