Robbins Umeda LLP Announces an Investigation of FSI International, Inc.
August 13 2012 - 8:33PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of FSI
International, Inc. (NASDAQ: FSII) in connection with their efforts
to sell the company to Tokyo Electron Ltd. (Tokyo: 8035). Concerned
shareholders who would like more information about their rights and
potential remedies can contact attorney Gregory E. Del Gaizo at
(800) 350-6003, info@robbinsumeda.com, or via the shareholder
information form on the firm's website.
On August 13, 2012, FSI announced that it had entered into a
definitive merger agreement to be acquired by Tokyo Electron.
According to the terms of the deal, Tokyo Electron will acquire FSI
for $6.20 per share in cash. The acquisition has already been
unanimously approved by the boards of directors of both companies.
The transaction is expected to close in calendar year 2012.
Robbins Umeda LLP's investigation focuses on whether the board
of directors at FSI is undertaking a fair process to obtain maximum
value and adequately compensate its shareholders. There are at
least three analyst price targets for FSI that are higher than the
current offer of $6.20 per share, with both Dougherty & Company
LLC and Craig-Hallum Capital Group LLC maintaining a price target
of $7.50.
Moreover, on June 19, 2012, FSI reported financial results for
the third quarter of 2012 that exceeded analyst projections and
represented substantial increases over 2011 figures. Specifically,
FSI reported a total earnings per share of $0.26, which beat
analyst estimates of $0.21 by over 23%. Further, total revenue for
the quarter of $50.7 million represents an increase of over 98%
over total revenues of $25.6 million during the same quarter of the
previous year. In addition, deferred revenue was $34.4 million as
compared to $21.2 million at the end of fiscal 2011.
Given these impressive financial results and higher target
prices, Robbins Umeda LLP is examining the board's decision to sell
FSI now rather than allow shareholders to continue to participate
in the company's continued success and future growth prospects.
Robbins Umeda LLP attorneys highlight that FSI shareholders have
the option to file a class action lawsuit against the company to
secure the best possible price for the company's shareholders and
the disclosure of material information to shareholders so they can
vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/fsi-international-inc/
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