Faruqi & Faruqi, LLP Investigates the Acquisition of DivX, Inc. - DIVX
12 Luglio 2010 - 11:56PM
Business Wire
Faruqi & Faruqi, LLP, a leading New York securities firm, is
investigating the Board of Directors of DivX, Inc. (“DivX” or the
“Company”) (NasdaqGS: DIVX - News) for possible breaches of
fiduciary duty and other violations of state law or federal law in
connection with their attempt to sell the Company to Sonic
Solutions (NasdaqGS: SNIC - News). Under the terms of the
transaction, DivX shareholders will only receive $3.75 in cash and
0.514 shares of Sonic Solutions stock for each DivX share of common
stock they own.
The investigation concerns whether the DivX Board of Directors
breached their fiduciary duties to DivX stockholders by failing to
conduct a fair sales process prior to agreeing to the transaction
and whether the transaction undervalues the Company to the
detriment of DivX shareholders. In particular, at least one analyst
set a price target for DivX stock at $10.50 per share. Moreover,
the Company shows poised for growth as a result of the recent
quarter ending March 31, 2010 results where DivX reported total
revenue of $23.255 million and net income of $1.256 million as
compared to total revenue and a net loss of $20.060 million and $34
thousand, respectively, for the prior quarter.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The firm is
focused on providing exemplary legal services in complex litigation
in the areas of securities, shareholder, antitrust and consumer
litigation, through all phases of litigation. The firm has an
experienced trial team which has achieved significant victories on
behalf of the firm’s clients.
If you own common stock in DivX and wish to obtain additional
information, please visit us at http://www.faruqilaw.com/merger.php
or contact Juan E. Monteverde, Esq. either via email at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Attorney Advertising. (C) 2010 Faruqi & Faruqi, LLP. The law
firm responsible for this advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We are happy to
discuss your particular case.
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