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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Connecture, Inc. (OTCQX: CNXR) to entities affiliated with Francisco Partners for $0.35 per share. Investors owning an approximate 70% of the Company’s combined voting power have agreed to support the transaction.
The investigation concerns whether the Board of Connecture breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Francisco Partners is underpaying for Connecture shares, thus unlawfully harming Connecture shareholders.
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