SKIL - SKIL Alert: Monsey Firm of Wohl & Fruchter LLP Investigating Purchase of Codecademy by Skillsoft For Conflicts of Interest
MONSEY, N.Y., March 21, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating conflicts of interest in connection with the planned acquisition of Codecademy by Skillsoft Corp. (ticker: SKIL) (“Skillsoft”) for approximately $525 million in cash and stock.
If you remain an Skillsoft shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/skillsoft/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com .
Why is there an investigation?
On December 22, 2021, Skillsoft announced it had agreed to acquire Codecademy, an online learning platform for technical skills, for approximately $525 million in cash and stock.
On February 25, 2022, Skillsoft filed a proxy statement on Schedule 14A with the SEC disclosing further details about the transaction.
Among other things, the proxy disclosed that as of February 24, 2022, MIH Learning B.V. (“Prosus”) holds approximately 37.5% of Skillsoft’s outstanding Common Stock, and an affiliate of Prosus, MIH Edtech Investments B.V. (“Edtech”), or an affiliate thereof, holds approximately 23.8% of the outstanding equity of Codecademy. Thus, Prosus sits on both sides of the transaction, which presents a conflict of interest.
Further, Michael Klein (the founder of the SPAC Sponsor of Skillsoft) is serving as a “consultant” on the transaction while still serving on the Skillsoft Board, which also presents a conflict.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com , to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com