NATIONAL INSTRUMENTS CORPORATION SHAREHOLDER ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against National Instruments Corporation

By: Bernstein Liebhard LLP via GlobeNewswire

December 05, 2023 at 17:30 PM EST

NEW YORK, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:

Did you own shares of National Instruments Corporation?
Did you sell your shares between May 25, 2022 and January 17, 2023, inclusive?
Do you want to discuss your rights?

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who sold the common stock of National Instruments Corporation (“National Instruments” or the “Company”) (formerly NASDAQ: NATI) between May 25, 2022 and January 17, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you sold National Instruments common stock, and/or would like to discuss your legal rights and options please visit National Instruments Corporation Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

According to the Complaint, in April 2010, National Instruments adopted a program to repurchase shares of National Instruments common stock from time to time, depending on market conditions and other factors (the “2019 Program”). The Company amended the 2019 Program several times over the years to increase the number of shares that may be purchased under the program. On October 23, 2019, National Instruments amended the 2019 Program to increase the number of shares that may be repurchased by 3,000,000 shares.

Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that National Instruments had received a formal acquisition offer from Emerson Electric Co. (“Emerson”) (NYSE: EMR). 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.

On April 12, 2023, Emerson issued a press release announcing that it “entered into a definitive agreement under which Emerson will acquire National Instruments for $60 per share in cash at an equity value of $8.2 billion” (the “Merger Agreement”). The $60-per-share cash offer represented a premium of nearly 50% to National Instruments’ closing price on January 12, 2023. Emerson had previously submitted offers to acquire National Instruments for $48 and $53 per share in cash, respectively.

In connection with the Merger Agreement, the Company filed with the SEC a preliminary proxy statement on May 11, 2023 and a definitive proxy statement on May 25, 2023, setting a June 29, 2023 date for shareholders to vote on the Merger Agreement. On June 29, 2023, the Company’s stockholders voted to adopt the Merger Agreement, whereby NATI would be acquired by Emerson.

If you wish to serve as lead plaintiff, you must move the Court no later than January 29, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com