National Instruments Corporation (NATI) Failed to Disclose a Formal Acquisition Offer from Emerson Electric Co. (EMR)
A shareholder filed a class action lawsuit on behalf of all sellers of National Instruments Corporation (NYSE: NATI) common stock between May 25, 2022 and January 17, 2023. National Instruments is a producer of automated test equipment and virtual instrumentation software. Since October 2023, National Instruments operates as Emerson Electric Co.’s Test and Measurement business unit after being acquired by Emerson.
According to the complaint, during the class period, defendants failed to disclose material information that artificially deflated the price of National Instruments common stock. Plaintiff alleges that while National Instruments was repurchasing National Instruments stock, defendants knew that National Instruments had received a formal acquisition offer from Emerson to purchase all outstanding shares of National Instruments common stock at prices significantly above its then-current market price and significantly above the price at which National Instruments was repurchasing its common stock from unsuspecting class members. Accordingly, National Instruments had an obligation to disclose that it had received a formal acquisition offer from Emerson or abstain from purchasing National Instruments stock from unsuspecting investors.
What Now: Similarly situated shareholders may be eligible to participate in the class action against National Instruments Corporation. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by January 29, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.