Shareholders of Berkshire Grey Who Owned Revolution Acceleration Acquisition Corp Stock Are Encouraged to Contact Kehoe Law Firm, P.C. – Breach of Fiduciary Duties Investigation
Kehoe Law Firm, P.C. is investigating whether certain directors and officers of Revolution Acceleration Acquisition Corp (“RAAC”) (NASDAQ: RAAC), now known as Berkshire Grey, Inc. (“Berkshire Grey”) (NASDAQ: BGRY), breached their fiduciary duties to RAAC’s shareholders.
The investigation concerns whether RAAC’s board of directors or executive officers breached their duties or acted in bad faith in connection with RAAC’s July 2021 merger with Berkshire Grey.
On July 20, 2021, RAAC shareholders of record, as of June 17, 2021, approved a merger between RAAC and Berkshire Grey. Prior to the shareholder vote, RAAC advised its stockholders that Berkshire Grey had a “$1.7 billion pipeline,” was “asset light with significant potential and re-occurring revenue streams,” and was “fully funded to cash flow profitability in 2024.”
The transaction valued Berkshire Grey at $2.7 billion. Less than two years later, in March 2023, Berkshire Grey announced that SoftBank Group Corp. (“SoftBank”) would be acquiring the shares of Berkshire Grey that it does not already own for a price of $1.40 per share—suggesting a valuation of only $375 million.
In addition to this steep decline in valuation, the merger proxy statement for this new transaction suggests that Berkshire Grey was significantly underfunded and incapable of achieving the overstated projections that RAAC stockholders received in advance of the 2021 RAAC-Berkshire Grey merger. Further, the new Berkshire Grey projections seem much different from those in the RAAC-Berkshire Grey merger proxy statement, with revenues and cash flows being heavily cut both near-term and long-term.
BERKSHIRE GREY SHAREHOLDERS WHO HELD REVOLUTION ACCELERATION ACQUISITION CORP STOCK ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. AND PROVIDE DETAILS OF THEIR RAAC STOCK.
INVESTORS OF BERKSHIRE GREY WHO HELD RAAC STOCK ARE ALSO ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
