Robbins Umeda LLP Announces an Investigation of Motorola Mobility Holdings, Inc.
August 15 2011 - 5:24PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, has
commenced an investigation into possible breaches of fiduciary duty
and other violations of state law by members of the board of
directors of Motorola Mobility Holdings, Inc. (NYSE: MMI) in
connection with their efforts to sell the company to Google Inc.
(NASDAQ: GOOG).
If you own stock in Motorola Mobility and would like more
information about your shareholder rights, please contact attorney
Gregory E. Del Gaizo at 800-350-6003 or via the shareholder
information form on the firm's website.
On August 15, 2011, Motorola Mobility announced that it had
entered into a definitive merger agreement under which Google will
acquire all outstanding shares of the company in an all cash
transaction. Under the terms of the agreement, Motorola Mobility
shareholders will receive $40.00 for each share of the company they
own. The transaction is expected to close as soon as the end of
2011 or early 2012.
Robbins Umeda LLP's investigation focuses on whether Motorola
Mobility's board is undertaking a fair process to obtain maximum
value and adequately compensate shareholders in light of the
company's recent positive financial results. On July 28, 2011,
Motorola Mobility announced financial results for the second
quarter of fiscal year 2011 that greatly exceeded analyst
expectations. The company reported revenue of $3.34 billion, up 28%
from the same period last year, and better than analyst estimates
of only $3.11 billion. Additionally, Motorola Mobility reported
non-GAAP earnings of $0.09 per share, compared to a $0.30 per share
loss during the same period in the prior year, and above analyst
estimates of $0.05 per share. Furthermore, at least one analyst has
set a price target for Motorola Mobility that values the company's
stock at $42.00 per share, considerably higher than the value being
offered by Google as a part of the merger agreement.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/motorola-mobility/
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