Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired KnowBe4, Inc. (NYSE: KNBE) securities.
If you suffered a loss on your KnowBe4, Inc. investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: This lawsuit is on behalf of itself and all other persons or entities that sold shares of KnowBe4 common stock from the October 12, 2022 announcement date through the February 1, 2023 close of the Merger.
CASE DETAILS: The filed complaint alleges that KnowBe4, Inc. made materially false and/or misleading statements and/or failed to disclose that:
(i) unfair sales process that provided distinct advantages to Vista; (ii) special committee’s purported independence; (iii) KKR’s intention to increase its rollover or reinvestment into the post-close KnowBe4 by 50-100% after learning the deal price; (iv) special committee’s favoritism towards Vista over other potential bidders; (v) special committee’s failure to consider strategic alternatives other than a sale of KnowBe4; and (vi) Company’s largest non-rollover stockholder, Mitnick, owed his personal fortune and professional legitimacy to KnowBe4’s founder, Sjouwerman, and therefore was not independent from members of the control group. These filings contained materially false and misleading statements and omissions, thereby denying stockholders an appropriately informed vote on the Merger and an appropriately informed opportunity to decide whether to accept the Merger consideration or instead exercise their appraisal rights.
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