Epicor Software Corporation Investor Investigation over possible Breaches of Fiduciary Duty

April 5, 2011 - PRLog -- Following the announcement that Epicor Software will be acquired by Apax Partners an investigation on behalf of investors of Epicor Software Corporation (Public, NASDAQ-EPIC) over possible breaches of fiduciary duty was announced.

If you purchased Epicor Software Corporation (Public, NASDAQ-EPIC) and currently continue to hold those NASDAQ-EPIC  shares, and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigations by law firms concern whether certain directors and officers at Epicor Software Corporation (Public, NASDAQ-EPIC) or others breached their fiduciary duties in connection the proposed takeover.

On Monday, April 4, 201, Apax Partners announced that it is has entered into an agreement under which funds advised by Apax will acquire Epicor Software Corporation  in a transaction valued at approximately $976 million. Under the proposed agreement, Apax Partners will commence a tender offer to acquire all of the outstanding common stock of Epicor Software Corp. for $12.50 per share in cash, followed by a merger to acquire all remaining outstanding Epicor Software Corp. shares at the same price paid in the tender offer.

In response to the takeover announcement shares of Epicor Software Corporation  increased from $11.31 on Friday April 1st to $12.49 on Monday.

However, shareholders representing approximately 19% of Epicor Software’s outstanding shares have entered into support agreements with Apax Partners in connection with the transaction. In addition, Elliott Associates, which beneficially owns approximately 13.5% of Epicor Software’s outstanding shares, has also indicated that it supports the transaction.
Therefore the investigation concerns whether the Epicor Software Board of Directors undertook an adequate and fair sales process to obtain fair consideration for all shareholders of Epicor Software Corporation  and breached their fiduciary duties to Epicor Software Corp (EPIC) shareholder by failing to adequately shop the Company before entering into any transaction.
Moreover, at least one analyst has set a target price of $14.00 per share for Epicor Software stock. During 2007 EPIC shares reached as high as over $15 per share. Furterhmore Epicor Software’s financial performance over the past four years was considerably consistent with 12months Total Revenue ranging between $409.62million to $487.88million.

The investigation concerns also whether Apax Partners would underpay for NASDAQ-EPIC shares, thus unlawfully harming Epicor Software investors. A potential class action lawsuit would seek to maximize the amount of money and information Epicor Software shareholders would receive in a buyout, so the law firm.

Those who purchased Epicor Software Corporation (Public, NASDAQ-EPIC) and currently continue to hold those NASDAQ-EPIC shares, and/or those who have any information relating the investigation, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.