Robbins Umeda LLP Announces an Investigation of LeCroy Corporation
30 Maggio 2012 - 2:12AM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of
LeCroy Corporation (NASDAQ: LCRY) in connection with their efforts
to sell the company to Teledyne Technologies Incorporated (NYSE:
TDY). Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Gregory E.
Del Gaizo at 800-350-6003, info@robbinsumeda.com, or via the
shareholder information form on the firm's website.
On May 29, 2012, LeCroy announced that it had entered into a
definitive merger agreement to be acquired by Teledyne. According
to the terms of the deal, Teledyne will acquire all outstanding
shares of the company through an all-cash transaction. Pursuant to
the agreement, LeCroy shareholders will receive $14.30 in cash for
each share of the company they own.
Robbins Umeda LLP's investigation focuses on whether LeCroy's
board is undertaking a fair process to obtain maximum value and
adequately compensate shareholders in light of the company's recent
positive financial results. On April 25, 2012, LeCroy reported
strong operating results for the third quarter of fiscal year 2012
that beat analyst expectations. The company reported its ninth
consecutive quarter of year-over-year revenue growth with EPS of
$0.27 for the quarter, beating consensus analyst estimates of
$0.26. Additionally, LeCroy reported revenue of $48.8 million
during the third quarter of 2012, beating consensus estimates of
$48.5 million.
Notably, several leading market analysts have released target
prices for LeCroy that value the company's stock between $15.00 and
$16.00 per share, considerably higher than the value currently
being offered by Teledyne as part of the proposed transaction.
Given the company's impressive financial results and recent target
prices, Robbins Umeda LLP is examining the board's decision to sell
LeCroy now at $14.30 per share rather than allow shareholders to
continue to participate in the company's continued success and
future growth prospects.
Robbins Umeda LLP attorneys highlight that LeCroy shareholders
have the option to file a class action lawsuit against the company
to secure the best possible price for the company's shareholders
and the disclosure of material information to shareholders so they
can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/lecroy-corporation/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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