Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of AuthenTec, Inc. (“AuthenTec” or the “Company”) (AUTH) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Apple Inc. (“Apple”) (AAPL) in a transaction valued at approximately $356 million.
Under the terms of the proposal, public shareholders of AuthenTec will receive $8.00 per share in cash for each share of AuthenTec they own.
The investigation concerns whether AuthenTec’s board of directors failed to adequately shop the Company and obtain the best possible value for AuthenTec’s shareholders before entering into an agreement with Apple.
If you own the common stock of AuthenTec and purchased your shares before July 26, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/authentec-inc-auth. At the current time, one action has been filed in Delaware Chancery Court.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Source: Rigrodsky & Long, P.A.
Rigrodsky & Long, P.A go to hell.
….you miserable bottom feeding pieces of Appaloosa apples. Rot in hell.
Meaningless. Well over 90% of all M&A transactions are “investigated” by some plaintiffs class action law firm. Par for the course, in other words. The single largest type of securities class action lawsuits filed in 2011 arose from M&A transactions like this one. When you sign the merger papers, expect a lawsuit saying the board of the acquired company breached its fiduciary duties and/or made misrepresentations in the shareholder proxy. Don’t lose any sleep over this development.
Without saying so, might you be implying that the law firm doing the investigation had some back room agreement with the law firm representing the company so that they both get some additional business where none really exists? I am shocked if that is the case. Lawyers developing business for each other through frivolous lawsuits? What is possibly next?
No, I am not.
Now that everyone knows they are on the market, have they gotten any other offers? As I recall reading, the deal had some opening to it that allowed for the possibility that other offers would be tendered. This whole thing, like too many things that involve bottom feeder lawyers, is so bogus!
Love the law firm’s last line: “Prior results do not guarantee a similar outcome.”
Phone number and email included?
Come one everyone, you know what to do. haha
Rigrodsky & Long.
Wasn’t that a gay porn duo?
Oh, wait, that was Bigrodski & Schlong.
Sorry, never mind.
Why is MDN publishing what amounts to a press release like it is MacDailyNews? It reads like a press release. Did MDN accept any consideration for posting this?
Well, now that I scroll up looking for the MDN take, I see that is is a press release. What gives?
A press release can argued to be news. It gives MDN plausible deniability when it leads to actions such as those suggested by iGads above.
Is it just me, or does anyone feel like this will happen EVERY time Apple decides to buy a company from now on?
These are lawyer trolls, with no legal standing in the case, looking for some shareholder with legal standing, so that they can go fishing for some money.
This seems like a rehash of the same thing from last week.
This is so boring.
Apple bids $8/share for a stock trading @ $5/share. In the open market. Price discovery would indicate that Apple has made a more than fair order as the open market pegged it +/- $5.
Of course, that means nothing to greedy market manipulators and troll lawyers.