KnowBe4, Inc.
LAWSUIT ALERT – Andrews & Springer LLC Announces That A Securities Action Has Been Filed Against KnowBe4, Inc. For Securities Violations - KNBE
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announces that a lawsuit has been filed by another law firm on behalf of shareholders of KnowBe4, Inc. (NASDAQGS: KNBE) (“KnowBe4” or the “Company”) for possible corporate misconduct and violations of federal securities laws.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you currently own shares of KnowBe4 and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/knowbe4-merger-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
On October 11, 2022, KnowBe4 and Vista Equity Partners (“Vista”) publicly announced the signing of a definitive merger agreement pursuant to which Vista will acquire KNowBe4 in a merger worth $4.6 billion. As a result of the merger, KnowBe4 shareholders are only anticipated to receive $24.90 per share in cash in exchange for each share of KnowBe4 (the “Merger”). While the Company claims that shareholders will receive a premium for their shares, the merger price is 11% less than the $28.00 per share price target set by Cowen and Company and Truist Securities in August and September 2022, just months prior to the announcement of the Merger. The consideration is also less than KnowBe4’s 52-week high of $27.40 per share.
A KnowBe4 shareholder represented by another law firm has filed a complaint against KnowBe4 for federal securities violations. The complaint was filed in the United States District Court, Southern District of New York, Case No. 1:22-cv-09727.
According to the lawsuit, which was filed on November 15, 2022, defendants filed a proxy statement (the “Proxy”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Merger.
The Proxy omits material information with respect to the Merger, which renders the Proxy false and misleading. Accordingly, plaintiff seeks that the Merger should be enjoined until defendants disclose more information to stockholders.