San Diego, CA -- (SBWIRE) -- 09/16/2014 -- An investor, who currently holds shares of Bolt Technology Corp. (NASDAQ:BOLT), filed a lawsuit in effort to halt the proposed takeover of Bolt Technology by Teledyne Technologies for $22 per share.

Investors who purchased shares of Bolt Technology Corp. (NASDAQ:BOLT) and currently hold any of those NASDAQ:BOLT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:BOLT stockholders by agreeing to sell Bolt Technology Corp. too cheaply via an unfair process to Teledyne Technologies Incorporated.

On September 3, 2014 Teledyne Technologies Incorporated and Bolt Technology Corp. (NASDAQ:BOLT) jointly announced that they have entered into an agreement that provides for the merger of Bolt with a wholly-owned subsidiary of Teledyne Technologies Incorporated. Pursuant to the transaction, Teledyne Technologies Incorporated will acquire all of the outstanding common shares of Bolt Technology Corp. for $22.00 per share payable in cash.

However, given that Bolt’s directors and executive officers have already agreed to vote their shares in favor of the transaction, the investigation concerns whether the offer is unfair to Bolt Technology stockholders. More specifically, the investigation concerns whether the NASDAQ:BOLT 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.

Bolt Technology Corp. reported that its Total Revenue rose from $52.61 million for the 12 months period that ended on June 30, 2012 to $67.52 million for the 12 months period that ended on June 30, 2014 and that its respective Net Income increased from $1.98 million to $8.15 million. Shares of Bolt Technology Corp. (NASDAQ:BOLT) grew from $10.07 per share in November 2011 to as high as $22.47 per share in December 2013, respectively $22.25 per share in February 2014.

On September 12, 2014, NASDAQ:BOLT shares closed at $21.95 per share.

Those who are current investors in Bolt Technology Corp. (NASDAQ:BOLT) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com