SAN DIEGO & LOS ANGELES--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that it filed a class action lawsuit on June 10, 2016, in the U.S. District Court for the Central District of California, Western Division (the "Court") on behalf of the shareholders of United Online, Inc. ("United Online") (NASDAQGS: UNTD) against its Board of Directors, B. Riley Financial, Inc. ("B. Riley"), and Unify Merger Sub, Inc. for, among other things, violations of sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and U.S. Securities and Exchange Commission ("SEC") Rule 14a-9 promulgated thereunder.
United Online Is Accused of Disseminating a False and Misleading Proxy Statement
The action arises out of a May 4, 2016 press release announcing that United Online had entered into an Agreement and Plan of Merger pursuant to which B. Riley will acquire all of United Online's common stock for $11 per share in cash, in a transaction valued at approximately $170 million (the "Proposed Acquisition"). The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated United Online shareholders (the "Class"). The named plaintiff is represented by Robbins Arroyo LLP.
The complaint alleges that, in an attempt to secure shareholder approval of the Proposed Acquisition, the defendants filed a materially false and misleading Proxy Statement with the SEC in violation of the Exchange Act. The omitted and/or misrepresented information is believed to be material to United Online shareholders' ability to make an informed decision whether to approve the Proposed Acquisition.
If you purchased or otherwise acquired United Online stock on, or prior to, the May 4, 2016 announcement of the Proposed Acquisition, and wish to serve as lead plaintiff, you must move the Court no later than sixty days from June 14, 2016. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact attorney Darnell R. Donahue of Robbins Arroyo LLP at 800-350-6003, via the shareholder information form on our website, or by e-mail at email@example.com. Any member of the Class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent Class member.
Robbins Arroyo LLP, a nationally recognized leader in the area of shareholder rights litigation, represents individual and institutional investors in securities class action lawsuits and shareholder derivative actions. Robbins Arroyo LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Past results do not guarantee similar outcomes. For more information about the firm, please go to http://www.robbinsarroyo.com.
Press release link: www.robbinsarroyo.com/shareholders-rights-blog/united-online