Faruqi & Faruqi, LLP Announces Investigation into Possible Breaches of Fiduciary Duties by the Board of Quest Software, Inc. in Connection with the Sale of the Company to Insight Venture Partners
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Quest Software, Inc. (“Quest” or the “Company”) (NASDAQ: QSFT) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Insight Venture Partners, in a going private transaction valued at about $2 billion. Under the terms of the proposed transaction, Quest stockholders will receive $23 in cash for each share of Quest common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $29 for Quest.
Whether Quest’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 Quest’s shares and by how much this proposed transaction undervalues the Company to the detriment of Quest’s shareholders are the key focus of this investigation.