According to the Complaint, CafePress is the recognized pioneer of customizable products. Its global online platform enables people to express themselves through engaging community-generated designs and licensed and personalized one-of-a-kind products.
On September 28, 2018, CafePress issued a press release announcing the proposed transaction, pursuant to which CafePress will be acquired by Snapfish, LLC. On October 12, 2018, Defendants filed a Solicitation/Recommendation Statement on Schedule 14D-9 (the “Recommendation Statement”) with the SEC. The Complaint alleges that the Recommendation Statement, which recommends that CafePress stockholders tender their shares in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) the background leading to the Proposed Transaction; (ii) potential conflicts of interest faced by Company insiders; and (iii) the data and inputs underlying the financial valuation analyses that support the fairness opinion provided by Snapfish's financial advisor. The failure to adequately disclose such material information constitutes a violation of Sections 14(d), 14(e) and 20(a) of the Exchange Act as CafePress stockholders need such information in order to make a fully informed decision whether to tender their shares in
support of the Proposed Transaction or seek appraisal.