Robbins Geller Rudman & Dowd LLP announces an investigation into potential breaches of fiduciary duty by the directors and officers of New Relic, Inc. (NYSE: NEWR) in connection with the July 31, 2023 announcement by New Relic that it had agreed to be acquired by Francisco Partners and TPG for $6.5 billion – an amount “hundreds of millions of dollars” below what Francisco Partners and TPG had reportedly offered just two months prior.

If you are currently a New Relic investor and would like to learn more, you can provide your information here:

https://www.rgrdlaw.com/cases-new-relic-inc-investigation-newr.html

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.

THE COMPANY: New Relic is a software-as-a-service company that delivers a software platform for customers to collect telemetry data.

THE ACQUISITION: On July 31, 2023, New Relic announced that it had agreed to be acquired by Francisco Partners and TPG for $87.00 per share. But as Reuters reported days later, “[b]uyout firms Francisco Partners and TPG (TPG.O) saved hundreds of millions of dollars in their $6.5 billion deal to buy New Relic (NEWR.N) by walking away from negotiations with the business software company in May and then returning two months later with a lower offer, people familiar with the matter said.” In addition, Lew Cirne, Founder and Executive Chairman of New Relic, will be rolling over approximately 40% of his beneficial shareholdings along with the buyers of New Relic, which places him on the buy-side of the acquisition. If this buyout is consummated, New Relic common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in merger and securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest merger and securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

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