A lawsuit was filed for investors in shares of Ultratech, Inc. (NASDAQ:UTEK) in connection with the proposed takeover and NASDAQ:UTEK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/27/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of Ultratech, Inc. (NASDAQ:UTEK), filed a lawsuit in effort to halt the proposed takeover of Ultratech, Inc. by Veeco Instruments Inc for a value of approximately $28.64 per share.
Investors who purchased shares of Ultratech, Inc. (NASDAQ:UTEK) and currently hold any of those NASDAQ:UTEK shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:UTEK stockholders by agreeing to sell Ultratech, Inc. too cheaply via an unfair process to Veeco Instruments Inc
On February 2, 2017, Veeco Instruments Inc. and Ultratech, Inc. (NASDAQ:UTEK) announced that they have signed an agreement for Veeco Instruments Inc. to acquire Ultratech, Inc. (NASDAQ:UTEK). Under the terms of the transaction Ultratech, Inc. (NASDAQ:UTEK) shareholders will receive $21.75 per share in cash and 0.2675 of a share of Veeco common stock for each Ultratech common share outstanding. Based on Veeco's closing stock price on February 1, 2017, the transaction consideration is valued at approximately $28.64 per Ultratech share.
However, plaintiff claims that the proposed consideration NASDAQ:UTEK shareholders will receive is grossly inadequate and undervalues Ultratech, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:UTEK shares at $30.00 per share. Ultratech, Inc. reported that its annual Total Revenue rose from $149.18 million in 2015 to $194.05 million in 2016 and that its Net Loss of $15.13 million in 2015 turned to a Net Income of $11.24 million in 2016. In addition, the plaintiff alleges that the process is also unfair NASDAQ:UTEK stockholders.
On March 24, 2017, NASDAQ:UTEK shares closed at $28.13 per share.
Those who are current investors in Ultratech, Inc. 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