SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces an investigation into potential breaches of fiduciary duty by the directors and officers of New Relic, Inc. (NYSE: NEWR) in connection with the July 31, 2023 announcement by New Relic that it had agreed to be acquired by Francisco Partners and TPG for $6.5 billion – an amount “hundreds of millions of dollars” below what Francisco Partners and TPG had reportedly offered just two months prior.
If you are currently a New Relic investor and would like to learn more, you can provide your information here:
https://www.rgrdlaw.com/cases-new-relic-inc-investigation-newr.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
THE COMPANY: New Relic is a software-as-a-service company that delivers a software platform for customers to collect telemetry data.
THE ACQUISITION: On July 31, 2023, New Relic announced that it had agreed to be acquired by Francisco Partners and TPG for $87.00 per share. But as Reuters reported days later, “[b]uyout firms Francisco Partners and TPG (TPG.O) saved hundreds of millions of dollars in their $6.5 billion deal to buy New Relic (NEWR.N) by walking away from negotiations with the business software company in May and then returning two months later with a lower offer, people familiar with the matter said.” In addition, Lew Cirne, Founder and Executive Chairman of New Relic, will be rolling over approximately 40% of his beneficial shareholdings along with the buyers of New Relic, which places him on the buy-side of the acquisition. If this buyout is consummated, New Relic common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934.
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Contacts
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com