San Diego, CA -- (SBWIRE) -- 01/27/2014 -- An investor who currently holds shares of LSI Corp (NASDAQ:LSI) filed a lawsuit in effort to halt the proposed takeover of LSI Corp by Avago Technologies Limited for $11.15 per share.
Investors who purchased shares of LSI Corp (NASDAQ:LSI) and currently hold any of those NASDAQ:LSI 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 the defendants breached their fiduciary duties owed to NASDAQ:LSI stockholders arising out of the attempt to sell LSI Corp. too cheaply via an unfair process to Avago Technologies Limited
On December 16, 2013, Avago Technologies Limited (NASDAQ: AVGO) and LSI Corp (NASDAQ:LSI) announced that they have entered into a agreement under which Avago will acquire LSI Corp for $11.15 per share in an all-cash transaction valued at $6.6 billion.
However, the plaintiff alleges that the $11.15-offer is too low and undervalues LSI Corp. and that the process is unfiar to NASDAQ:LSI investors as it contains preclusive deal protection provision.
LSI Corp reported that its annual Total Revenue rose from over $1.57 billion in 2009 to over $2.5 billion in 2012 and that its Net loss of $47.72 million turned into a Net Income of $196.23 million in 2012.
Shares of LSI Corp (NASDAQ:LSI) grew from $2.62 per share in early 2009 to as high as $8.745 per share on October 31, 2013.
On Jan. 24, 2014, NASDAQ:LSI shares closed at $11 per share.
Those who are current investors in LSI Corp shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego