SAN FRANCISCO, CA – (December 21, 2023) – National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in National Instruments Corporation (“National Instruments” or “NATI” or the “Company”) (NASDAQ: NATI) who suffered losses from selling NATI common stock between May 25, 2022 and January 17, 2023 to contact us immediately regarding a pending securities fraud class action against National Instruments. The deadline to apply to be lead plaintiff is January 29, 2024.
Class Period: May 25, 2022 – January 17, 2023
Lead Plaintiff Motion Deadline: January 29, 2024
Case information: lieffcabraser.com/securities/nati
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
National Instruments produces automated test equipment and virtual instrumentation software.
The securities class action alleges that, during the Class Period, Defendants failed to disclose to investors that National Instruments had received a formal acquisition offer from Emerson Electric Co. (“Emerson”) in May 2022 to purchase all outstanding shares of NATI common stock at prices significantly above the then-current market prices of NATI common stock.
Instead of abiding by its duty to disclose the formal acquisition offer from Emerson or abstain from repurchasing NATI stock, Defendants kept Emerson’s initial offer and its subsequent improved offers secret while engaging in the largest stock buy-back in the Company’s history, thereby harming investors who sold NATI stock at artificially deflated prices.
On January 13, 2023, National Instruments announced that its Board had initiated a strategic review and evaluation of strategic options. On this news, the price of NATI stock rose $7.61 per share, or 19.7%, to close at $46.17 on January 13, 2023.
On January 17, 2023, Emerson announced that it had made an all-cash offer with no financing contingency and no substantive regulatory impediments to purchase all of NATI’s shares for $53 per share. Emerson revealed the timeline of its previous communications with National Instruments and how, in response to its offer, National Instruments had increased its financial guidance despite its continued margin expansion and other challenges. Following this news, the price of NATI shares skyrocketed to a high of $54.69 per share on January 17, 2023, 18% higher than the closing price of NATI stock on January 16, 2023.
On April 12, 2023, Emerson announced that it entered into a definitive agreement to acquire National Instruments for $60 per share in cash at an equity value of $8.2 billion, representing a premium of nearly 50% over NATI’s closing price on January 12, 2023. The deal closed on October 11, 2023.
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Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Source/Contact
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
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