NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Revolution Acceleration Acquisition Corp (“RAAC”) (NASDAQ: RAAC); n/k/a Berkshire Grey, Inc. (“Berkshire Grey”) (NASDAQ: BGRY) breached their fiduciary duties to RAAC’s shareholders. If you were a RAAC shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982, or jpettigrew@scott-scott.com.
Scott+Scott is investigating 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. Indeed, the new Berkshire Grey projections are vastly 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.
What You Can Do
If you were a RAAC shareholder, you may have legal claims against RAAC’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982, or jpettigrew@scott-scott.com.
About Scott+Scott
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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