“Following the announcement of Apple’s purchase of AuthenTec on Friday, a pair of law firms are ‘investigating’ the security company’s board of directors for possible breaches of fiduciary responsibility,” Mikey Campbell reports for AppleInsider.
“Law firms Levi & Korsinsky and Rigrodsky & Long, P.A. are looking to wrangle shareholder class action lawsuits on allegations that AuthenTec’s board of directors purposely undervalued the company in its $356 millon sale to Apple,” Campbell reports. “Documents released by the two law firms note an investigation is currently underway and ask for shareholders to sign up for representation if a class action suit is indeed initiated.”
Campbell reports, “According to the firm, the “investigation concerns whether the AuthenTec Board of Directors breached their fiduciary duties to AuthenTec stockholders by failing to adequately shop the Company before entering into this transaction and whether Apple is underpaying for AuthenTec shares, thus unlawfully harming AuthenTec stockholders.”
Read more in the full article here.