Faruqi & Faruqi, LLP Announces Investigation of Openlane, Inc. (OPNN)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Openlane, Inc. (“Openlane” or the “Company”) (OTC: OPNN.PK) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to KAR Auction Services, Inc., its wholly-owned subsidiary, ADESA, Inc. and its wholly-owned subsidiary, Riley Acquisition, Inc., in an all-cash deal valued at about $210 million. Under the terms of the proposed transaction, Openlane stockholders will receive $8.30 in cash per each share of Openlane they own.
Whether Openlane’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 Openlane’s shares and by how much this proposed transaction undervalues the Company to the detriment of Openlane’s shareholders are the key focus of this investigation.
If you own common stock in Openlane and wish to obtain additional information, please visit us at www.faruqilaw.com/OPNN or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Juan E. Monteverde
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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