PHILADELPHIA, March 29, 2024 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating iRobot Corp. (NASDAQ: IRBT) (“iRobot”) on behalf of the company’s investors.
On August 24, 2023, iRobot issued a proxy statement soliciting stockholders to approve an amendment to iRobot’s long-pending August 4, 2022 agreement of merger with Amazon, Inc. (“Amazon”), pursuant to which Amazon would acquire iRobot. iRobot stockholders approved the amended merger agreement on October 12, 2023.
During January 2024, iRobot’s shares significantly declined in value after (i) The Wall Street Journal reported that “[t]he European Union’s competition watchdog intends to block Amazon’s $1.7 billion bid to purchase Roomba maker iRobot” and (ii) Bloomberg reported that the U.S. Federal Trade Commission was drafting a lawsuit to block the Merger.
Subsequently, on January 29, 2024, Amazon and iRobot announced their entry “into a mutual agreement” to terminate the previously announced merger. Concurrently, iRobot announced the resignation of its Chief Executive Officer and Chairman, plans to cut approximately 31% of its workforce.
The investigation seeks to determine whether iRobot’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above conduct.
iRobot shareholders who purchased or acquired their IRBT shares on or prior to August 22, 2023 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 715 – 1740 or (484) 229 – 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/irobot-corp/, for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
