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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Shutterfly, Inc. (“Shutterfly” or the “Company”) (NASDAQGS: SFLY) to affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (“Apollo”) (NYSE: APO). Under the terms of the deal, stockholders of Shutterfly will receive $51.00 in cash for each share of SFLY they hold.
The Shutterfly merger investigation concerns whether the Board of Shutterfly breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Apollo affiliates are underpaying for Shutterfly shares, thus unlawfully harming Shutterfly shareholders.
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