A lawsuit was filed for investors of STEC, Inc. (NASDAQ:STEC) in effort to halt the proposed takeover and NASDAQ:STEC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/09/2013 -- An investor in shares of STEC, Inc. (NASDAQ:STEC) filed a lawsuit in effort to stop the proposed takeover of STEC, Inc. by Western Digital® Corporation for $6.85 per NASDAQ:STEC share.
Investors who purchased shares of STEC, Inc. (NASDAQ:STEC) prior to June 24, 2013 , and currently hold any of those STEC 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:STEC stockholder by agreeing to sell the company too cheaply via an unfair process.
On June 24, 2013, Western Digital® Corporation (NASDAQ: WDC) and STEC, Inc. (NASDAQ:STEC) announced that they have entered into a merger agreement under which STEC, Inc. will be acquired by HGST, a wholly-owned subsidiary of Western Digital. Under the terms of the agreement STEC, Inc. will be acquired for approximately $340 million in cash, which equates to $6.85 per share.
However, the plaintiff claims that the $6.85-offer is too low and undervalues the company. Indeed, NASDAQ:STEC shares traded in 2012 as high as $10.20 per share and in 2011 as high as $23.79 per share.
On June 24, 2013, NASDAQ:STEC shares closed at $6.71 per share.
Those who are current investors in STEC, Inc. (NASDAQ:STEC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego