Block & Leviton LLP Investigates Cybex International Inc. for
Possible Breaches of Fiduciary Duty in Connection With Its Proposed
Going Private Transaction
BOSTON, Oct. 17, 2012 /PRNewswire/ -- Block & Leviton
LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, has commenced an investigation into possible breaches
of fiduciary duties by the Board of Directors of Cybex
International, Inc. ("Cybex" or the "Company") (NASDAQGM: CYBI)
with regards to their recently announced going private transaction,
scheduled to close in the first quarter of 2013.
Under the terms of the agreement, Cybex shareholders will
receive $2.55 in cash per Cybex share
held at the time of the transaction. This acquisition was
purposely timed to take advantage of a temporary drop in the share
price of Cybex. As recently as April
26, 2012, Cybex traded above the price of the proposed
transaction. Block & Leviton's investigation seeks to
determine, among other things, whether Cybex's Directors breached
their fiduciary duties by failing to maximize shareholder value in
the going private transaction and the process by which the Cybex
Directors considered and approved the transaction.
Cybex's price/earnings ratio indicates a significant discount
compared to an average of 18.05 for the Leisure Equipment &
Products industry and a significant discount compared to the
S&P 500 average of 16.30. Its price-to-book ratio of 1.18
indicates a discount versus the S&P 500 average of 2.21 and a
significant discount versus the industry average of 5.80. The
price-to-sales ratio is well below both the S&P 500 average and
the industry average, indicating a discount. Upon assessment
of these and other key valuation criteria, Cybex currently trades
at a significant discount and consummating the proposed transaction
will deprive shareholders of realizing benefits inherent in its
current under-valuation .
If you are a Cybex shareholder and have questions about your
legal rights, or if you have information relevant to this
investigation, please contact attorney Steven P. Harte, Esq. at (617) 398-5600 or email
him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors
nationwide for violations of securities laws. The firm's
lawyers have collectively been prosecuting securities cases on
behalf of investors for over 50 years. This notice may
constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
steven@blockesq.com
(617) 389-5600
SOURCE Block & Leviton LLP