ML Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Sale of MoneyLion to Gen Digital

/EIN News/ -- MONSEY, N.Y., Dec. 12, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of MoneyLion, Inc. (NYSE: ML) (“MoneyLion”) to Gen Digital for $82.00 per share in cash, plus a contingent value right (“CVR”) entitling the holder to a contingent payment of $23.00 per share in the form of Gen Digital shares upon the achievement of certain milestones.

Notably, as detailed below, several shareholders on SeekingAlpha have expressed disappointment in the sale price.

If you remain a MoneyLion shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:

https://wohlfruchter.com/cases/moneylion/

Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.

Why is there an investigation?
On December 10, 2024, MoneyLion announced that it had agreed to be sold to Gen Digital for $82.00 per share in cash, plus a CVR entitling the holder to a contingent payment of $23.00 per share in the form of Gen Digital shares if Gen’s average volume-weighted average share price reaches at least $37.50 per share over 30 consecutive trading days from December 10, 2024 until 24 months after the deal closes.

Notably, several shareholders on SeekingAlpha have expressed disappointment in the sale price. For example, one investor with the screenname “luckydiet” complained, “Bad deal. ML worth much more.” Another investor with the screenname “meteosen” commented, “Too low the takeover price … we demand more.” Finally, an investor with the screenname “isaacmds” lamented, “I’m out. It sucks cause ML had room to go boom but GEN looks like a conglomerate I don’t want any part of.”

Additionally, on November 7, 2024, Oppenheimer upgraded MoneyLion to Outperform as the company is seen benefiting from a lower interest-rate environment, easing banking regulations after the election win by Republicans, and a potential boost in spending by lower-income consumers. Thus, the deal appears opportunistic.

“We are investigating whether the MoneyLion Board of Directors acted in the best interests of MoneyLion shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to MoneyLion shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”

About Wohl & Fruchter

Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.

Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com