WILMINGTON, Del., May 20, 2024 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Squarespace, Inc. (NYSE: SQSP) (“Squarespace” or the “Company”) relating to the sale of the Company to private equity firm Permira. On May 13, 2024, the two parties announced that they reached an agreement in principle pursuant to which Permira will acquire Squarespace in a going private merger. As a result of the merger, Squarespace shareholders are only anticipated to receive only $44.00 per share in cash in exchange for each share of Squarespace.
Our Firm's investigation so far has discovered that the merger appears to have significant conflicts of interest, thus making the process and consideration unfair. While the Company claims that shareholders will receive a premium for their shares, Anthony Casalena, Squarespace’s controlling stockholder who controls over 76% of the vote, will be rolling over a substantial majority of his equity into the new company post-close. Minority stockholders, on the other hand, will be cashed out at $44.00 and will not participate in any future upside of the company. The deal consideration is less than the $45.00 per share price target set by Piper Sandler on May 7, 2024, just a week before the merger was publicly announced.
If you currently own shares of Squarespace and want to receive additional information and protect your investments free of charge, please contact us for additional information at http://www.andrewsspringer.com/cases-investigations/squarespace-merger-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Among Andrews & Springer’s most recent successes include (i) securing a $51 billion derivative recovery through complete rescission of Elon Musk’s $55 billion pay package in Tornetta v. Musk, et al., C.A. 2018-0408-KSJM and (ii) securing a $1 billion cash settlement for stockholders in In re Dell Technologies In. Class V Stockholder Litigation, C.A. 2018-0816-JTL. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
| Contact: | Craig J. Springer, Esq. cspringer@andrewsspringer.com Toll Free: 1-800-423-6013 |
