The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of C&D Technologies, Inc.
October 04 2011 - 2:48PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the acquisition of C&D Technologies, Inc.
(“C&D Technologies” or “CHHP”) (OTC: CHHP) by an affiliate of
Angelo, Gordon & Co. Under the proposed buyout, C&D
Technologies shareholders will receive only $9.75 in cash for each
share of C&D Technologies/CHHP stock owned, which is below the
price that CHHP stock traded as recently as January 2011.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash
transaction valued at approximately $50 million. The transaction is
expected to be completed in the fourth quarter of 2011.
Under the terms of the acquisition, no additional shareholder
approval is needed because Angelo, Gordon & Co. already holds
approximately 65% of the outstanding shares of C&D
Technologies’ common stock. “We are investigating the fairness of
the proposed transaction to C&D Technologies shareholders,
whether the shareholders are being underpaid for their stock, and
whether C&D Technologies’ Board of Directors acted in the
shareholders’ best interest,” said shareholder rights attorney
Willie Briscoe. In particular, although the acquisition price
represents an approximate 31% premium over C&D Technologies
closing price the day before the acquisition announcement, as
recently as January 2011, C&D Technologies shares closed at
$9.80 per share. “Based on these and other factors, we believe that
the transaction may significantly undervalue C&D Technologies
stock, and our anticipated lawsuit will seek to obtain the highest
share price for all shareholders,” said Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.