Faruqi & Faruqi, LLP Announces Investigation Related to the Acquisition of ICx Technologies, Inc. - ICXT
August 31 2010 - 4:41PM
Business Wire
Faruqi & Faruqi, LLP, a leading national securities firm
headquartered in New York City, is investigating the Board of
Directors of ICx Technologies, Inc. (“ICx” or the “Company”)
(NasdaqGM: ICXT) for potential breaches of fiduciary duty in
connection with their conduct related to the sale of the Company to
FLIR Systems, Inc. The proposed transaction offers ICx shareholders
to only receive $7.55 in cash for each share they own. According to
Thomson/First Call, at least one financial analyst values ICx’s
common stock at $10.00 per share.
Whether the ICx’s Board of Directors breached their fiduciary
duties to ICx’s stockholders by failing to conduct an adequate and
fair sales process to sell the Company prior to agreeing to this
proposed transaction, whether the proposed transaction undervalues
ICx shares and by how much this proposed transaction undervalues
the Company to the detriment of ICx shareholders are the key focus
of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The firm is
focused on providing exemplary legal services in complex litigation
in the areas of securities, shareholder, antitrust and consumer
litigation, through all phases of litigation. The firm has an
experienced trial team which has achieved significant victories on
behalf of the firm’s clients.
If you own common stock in ICx and wish to obtain additional
information, please visit us at http://www.faruqilaw.com/icx or
contact Juan E. Monteverde, Esq. either via e-mail at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Attorney Advertising. (C) 2010 Faruqi & Faruqi, LLP. The law
firm responsible for this advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We are happy to
discuss your particular case.
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