Securities class action litigation has been filed on behalf of investors who sold the common stock of National Instruments Corporation (“National Instruments” or “NATI” or the “Company”) (NASDAQ: NATI) between May 25, 2022 and January 17, 2023, inclusive (the “Class Period”).
If you sold National Instruments stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 29, 2024.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
National Instruments investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should complete the form below, text or email firstname.lastname@example.org, or call Lieff Cabraser partner Sharon M. Lee at 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.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, 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. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.