A lawsuit was filed for investors in NYSE:HAR shares in connection with the proposed takeover of Harman International Industries Inc and NYSE:HAR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/09/2017 -- The Shareholders Foundation announced that an investor who currently holds NYSE:HAR shares filed a lawsuit against the acquisition of Harman International Industries Inc. by Samsung Electronics.
Investors who purchased shares of Harman International Industries Inc (NYSE:HAR) and currently hold any of those NYSE:HAR shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:HAR stockholders by agreeing to sell Harman International Industries Inc too cheaply via an unfair process to Samsung Electronics.
On November 14, 2016, Samsung Electronics and Harman International Industries Inc (NYSE:HAR) announced that they have entered into an agreement under which Samsung Electronics will acquire Harman International Industries Inc (NYSE:HAR) for $112.00 per share in cash, or total equity value of approximately $8.0 billion.
However, plaintiff claims that the proposed consideration NYSE:HAR shareholders will receive is grossly inadequate and undervalues Harman International Industries Inc. Shares of Harman International Industries Inc (NYSE:HAR) reached as high as $145.10 per share in April 2015. Harman International Industries Inc reported that its Total Revenue rose from over $6.15 billion for the 12 months period that ended on June 30, 2015 to over $6.91 billion for the 12 months period that ended on June 30, 2016 and that its Net Income for those respective time periods increased from $342.68 million to $361.73 million. In addition, the plaintiff alleges that the process is also unfair NYSE:HAR stockholders.
On January 6, 2017, NYSE:HAR shares closed at 110.81 per share.
Those who are current investors in Harman International Industries Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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