We are investigating whether the directors of Volta, Inc. (NYSE: VLTA) (“Volta”) acted in the best interests of Volta shareholders in approving the sale of Volta to Shell USA Inc (“Shell”) for $0.86 cents per share in cash.
If you remain a Volta shareholder and have questions about your legal rights, you may contact our firm to discuss your legal rights at no charge by submitting the form below.
Why is there an investigation?
On January 18, 2023, Volta announced that it had agreed to be acquired by Shell for $0.86 cents per share in cash. The agreement has been approved by the Volta board of directors (“Board”).
“Our investigation concerns whether Volta’s Board acted in the best interests of Volta shareholders in approving the sale,” explained Joshua Fruchter, one of the firm’s name partners. “This includes whether the acquisition price adequately compensates Volta shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, the 52-week high for Volta’s stock is $5.81 per share. Moreover, according to an analysis of Wall Street price targets for Volta in the last 90 days published on Seeking Alpha, there is an average price target of $0.95 cents per share, and a high price target of $2.00 per share, both of which are above the deal price.