Legal investigation launched into RightNow sale

A team of lawyers has been called in to investigate potential shareholder claims against the board of directors of RightNow Technologies, following this week's news that the Cloud firm had agreed to be taken over by Oracle.

Expected to close late this year or early 2012, the deal would see Oracle acquire RightNow for an estimated $1.5bn of RightNow’s cash and debt, with the RightNow Board of Directors having unanimously approved its takeover.

But it has been announced that law firm Levi & Korsinsky is to investigate the Board of RightNow for possible violations of state law in connection with the sale.

The investigation is said to focus on whether the Board breached their fiduciary duties to RightNow stockholders by selling up to Oracle without adequately shopping the company, thereby allowing Oracle to underpay for the RightNow share and harming the stockholders.