LeCroy Corp. Investor Alert: The Briscoe Law Firm & Powers Taylor, LLP Investigate LeCroy Corp. Sale to Teledyne Technologies...
29 Maggio 2012 - 7:30PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of LeCroy Corporation (“LeCroy” or
“LCRY”) (NASDAQ: LCRY) to a wholly-owned subsidiary of Teledyne
Technologies, Inc. for shareholders. Under the proposed
transaction, LeCroy shareholders will receive only $14.30 in cash
for each share of LeCroy stock owned, which is well below at least
one analyst’s estimated target price of $16.00 per share
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive merger agreement is valued at approximately $291
million, taking into account LeCroy’s stock options, stock
appreciate rights and net debt as of March 31, 2012.
The investigation centers on whether LeCroy shareholders are
receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues LeCroy stock, and whether
LeCroy’s board attempted to obtain the highest share price for all
shareholders prior to agreeing to the deal. Although the
acquisition price represents a premium over the closing price of
LeCroy shares the day prior to the buyout announcement, at least
one analyst with Yahoo! Finance has estimated that the true
inherent value of the stock is as high as $16.00 per share, well
above the proposed price. According to shareholder rights attorney
Willie Briscoe, “Because of the lack of a significant premium to
the shareholders, and other factors, we believe that the
transaction may undervalue LeCroy stock. Our lawsuit will seek to
obtain the highest share price for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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