Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Synacor, Inc. (“Synacor” or the “Company”) (NASDAQ: SYNC) to Qumu Corporation (“Qumu”) (NASDAQ: QUMU). Under the terms of the merger, each share of Qumu common stock issued and outstanding as of the effective date of the merger will be converted into approximately 1.61 shares of Synacor common stock. Following the merger, Synacor stockholders are expected to own approximately 64.4% and Qumu shareholders are expected to own approximately 35.6% of the stock of the combined company.
The Synacor merger investigation concerns whether the Board of Synacor breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether Qumu is underpaying for Synacor shares, thus unlawfully harming Synacor shareholders.
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