A lawsuit was filed for investors in shares of Adept Technology Inc (NASDAQ:ADEP) in connection with the proposed takeover was announced and NASDAQ:ADEP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/28/2015 -- The Shareholders Foundation announced that a shareholder who currently holds NASDAQ:ADEP shares filed a lawsuit in effort to halt the proposed takeover of Adept Technology Inc. by OMRON Corporation.
On September 16, 2015, OMRON Corporation and Adept Technology Inc (NASDAQ:ADEP) announced that the two companies have entered into an agreement whereby OMRON will acquire Adept
Investors who purchased shares of Adept Technology Inc (NASDAQ:ADEP) and currently hold any of those NASDAQ:ADEP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ADEP stockholders by agreeing to sell Adept Technology Inc too cheaply via an unfair process to OMRON Corporation.
OMRON plans to acquire 100% of the outstanding shares of Adept common stock through an all cash tender offer followed by a second-step merger. OMRON will offer Adept investors $13.00 per share of Adept common stock.
However, the plaintiff claims that the proposed consideration NASDAQ:ADEP shareholders will receive is grossly inadequate and undervalues Adept Technology Inc. Indeed, shares of Adept Technology Inc (NASDAQ:ADEP) reached as high as $20.09 per share in March 2014. The plaintiff says that Adept Technology Inc stock has been valued as high as $20 per share by analysts. In addition the p[plaintiff alleges that the process is unfair to NASDAQ:ADEP shareholders. The plaintiff claims that certain insiders who own 11.73 percent of the company stand to benefit from the merger to the tune of about $22 million.
Those who are current investors in NASDAQ:ADEP shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego