Kaskela Law LLC announces that it is investigating Purple Innovations, Inc. (NASDAQ: PRPL) (“Purple”) in connection with recent corporate actions.
On September 19, 2022, Purple Innovations confirmed that it had received an unsolicited proposal from Coliseum Capital Management, LLC (“Coliseum”) to acquire all of the outstanding capital stock of Purple for $4.35 per share – an approximate 55% premium to the stock’s trading price. In response to this news, shares of Purple’s stock increased approximately 40% in value, to close at $3.89 per share on September 19, 2022.
In response to the Coliseum proposal, Purple’s board of directors disclosed that it had adopted a one-year “poison pill” on September 26, 2022. In response to that news, shares of Purple’s stock declined in value.
The investigation seeks to determine whether Purple’s board of directors violated the securities laws or breached their fiduciary duties to stockholders in their response to the Coliseum proposal.
Purple shareholders who wish to protect their investment are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, for additional information about this investigation and their legal rights and options.