San Diego, CA -- (SBWIRE) -- 07/30/2012 -- An investigation on behalf of investors in AuthenTec, Inc. (NASDAQ:AUTH) shares was announced concerning whether the offer to acquire AuthenTec, Inc. and the takeover process are unfair to investors in NASDAQ:AUTH shares.
Investors who purchased shares of AuthenTec, Inc. (NASDAQ:AUTH) prior to July 27, 2012, and currently hold any of those NASDAQ:AUTH shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of AuthenTec, Inc. breached their fiduciary duties owed to NASDAQ:AUTH investors in connection with the proposed acquisition.
On July 27, 2012, AuthenTec, Inc. announced that on July 26, 2012, it entered into an agreement to be acquired by Apple, Inc. Under the terms of the proposed transaction, investors in shares AuthenTec, Inc. (NASDAQ:AUTH) will received $8.00 in cash for each NASDAQ:AUTH shares they own.
However, following the takeover news NASDAQ:AUTH shares jumped to as high as $8.34 per share, thus above the current offer. The open market clearly shows that investors believe NASDAQ:AUTH are currently at least worth $8.34 per share and not only $8 as offered by the offer from Apple, Inc.
In addition, AuthenTec’s performance improved lately. Its Total Revenue rose from $34.07million for the 12months period ended on Jan. 1, 2010 to $69.79million for the 12months period ended on Dec. 30, 2011.
Shares of AuthenTec, Inc. (NASDAQ:AUTH) rose from $1.37 per share in February 2009 to as high as $4.59 per share in June 2012.
Therefore, the investigation for AuthenTec investors concerns whether the proposed transaction is unfair to NASDAQ:AUTH stockholders. Specifically, the investigation focuses on whether the AuthenTec Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in AuthenTec, Inc. (NASDAQ:AUTH) and purchased their AuthenTec, Inc. shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego