Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Symyx Technologies, Inc. - SMMX
07 Aprile 2010 - 7:47PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Symyx Technologies, Inc. (“Symyx” or the “Company”) (NasdaqGS:
SMMX) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to sell the Company
to Accelrys, Inc. ("Accelrys") ("NasdaqGM: ACCL). Under the terms
of the transaction, Symyx shareholders will receive 0.7802 Accelrys
shares for each share of Symyx they own. Based on the prior closing
price of Accelrys shares, the proposed transaction values Symyx
stock at approximately $5.07 per share.
The investigation concerns whether the Symyx Board of Directors
breached their fiduciary duties to Symyx stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Accelrys is underpaying for Symyx shares, thus
unlawfully harming Symyx stockholders. In particular, (i) Symyx
stock traded at $5.18 per share as recently as February 1, 2010 and
traded at a 52-week high of $7.75 per share; (ii) the Company has
$2.39 per share in cash with no debt; (iii) at least one analyst
set a price target for Symyx stock at $8.00 per share; and (iv) the
Symyx Board of Directors agreed to a strict "no solicitation"
provision and agreed to pay a $7.5 million termination fee that
will all but ensure that no superior offer will ever be
forthcoming.
If you own common stock in Symyx and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/smmx1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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