PHILADELPHIA, Oct. 30, 2020 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating Callaway Golf Company ("Callaway" or the "Company") (NYSE: ELY) on behalf of the Company's investors.
On October 27, 2020, Callaway announced that it had entered into a definitive agreement to merge with Topgolf Entertainment Group ("Topgolf") in an all-stock transaction. According to the announcement, Callaway plans to issue 90 million shares of its common stock to the shareholders of Topgolf, who are expected to own approximately 48.5% of the combined company, and assume $555 million of Topgolf's net debt in connection with the proposed transaction.
Following this announcement, shares of Callaway's common stock declined $3.63 per share, or 19% in value, to close on October 28, 2020 at $15.65 per share, on heavy trading volume.
The investigation seeks to determine whether Callaway's officers and directors violated the securities laws and/or breached their fiduciary duties in connection with the announced merger with Topgolf.
Callaway stockholders are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at email@example.com or online at http://kaskelalaw.com/case/callaway/, to discuss this investigation and their legal rights and options with respect to this matter.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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SOURCE Kaskela Law LLC