Levi & Korsinsky is investigating the Board of Directors of SolarCity Corporation (NASDAQ: SCTY) in connection with the sale of the Company to Tesla Motors, Inc. (NASDAQ: TSLA). Under the terms of the transaction, SolarCity shareholders will receive 0.110 Tesla common shares for each SolarCity share they own, representing an approximate value of $25.37 per share. The transaction has a total approximate value of $2.6 billion.
The investigation concerns whether the Board of SolarCity breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Tesla Motors, Inc. is underpaying for SolarCity shares.
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