A lawsuit for current investors in shares of AuthenTec, Inc. (NASDAQ:AUTH) to block the proposed sale of AuthenTec, Inc was filed and other current NASDAQ:AUTH stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/06/2012 -- An investor in shares of AuthenTec, Inc. (NASDAQ:AUTH) filed a lawsuit against directors of AuthenTec, Inc. in effort to stop the proposed takeover of AuthenTec, Inc. by Apple, INc. at $8.00 per NASDAQ:AUTH share.
Investors who purchased a substantial amount of 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 plaintiff alleges that defendants breached their fiduciary duties owed to NASDAQ:AUTH investors arising out of the attempt to sell the company via an unfair process at an unfair price.
On July 27, 2012, before the market opened, 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, the plaintiff claims that the $8 offer is unfair to NASDAQ:AUTH stockholders and undervalues the company. Indeed, following the takeover news NASDAQ:AUTH shares jumped to as high as $8.585 on July 27, 2012, thus well above the current offer. 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.
Furthermore, the plaintiff says the merger agreement has a number of preclusive deal protection devices, such as a $10.95million termination fee and a no solicitation provision, that make it more difficult for another buyer to purchase AuthenTec.
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