Faruqi & Faruqi, LLP Announces Investigation of Convio, Inc. (CNVO)

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Convio, Inc. (“Convio” or the “Company”) (NASDAQ: CNVO) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Blackbaud, Inc. (NASDAQ: BLKB) in an all-cash deal valued at about $275 million.  Under the terms of the proposed transaction, Convio stockholders will receive $16 in cash per each share of Convio they own, while, according to Yahoo! Finance, at least one financial analyst has set a price target of $17 for Convio. 

Whether Convio’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Convio’s shares and by how much this proposed transaction undervalues the Company to the detriment of Convio’s shareholders are the key focus of this investigation.