The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Tekelec
November 07 2011 - 10:45AM
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 Tekelec (NASDAQ: TKLC) by
a private equity consortium led by Siris Capital Group, LLC. Under
the proposed buyout, Tekelec shareholders will receive only $11.00
in cash for each share of Tekelec /TKLC stock owned, which is well
below the target price of $16.00 per share set by analysts and
below the price that Tekelec shares 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 $780 million.
“We are investigating the fairness of the proposed transaction
to Tekelec shareholders, whether the shareholders are being
underpaid for their stock, and whether Tekelec’s Board of Directors
acted in the shareholders’ best interest,” said shareholder rights
attorney Willie Briscoe. In particular, although Tekelec recently
reported that the acquisition price represents a 11% premium over
Tekelec’s closing price the day prior to the buyout announcement,
Tekelec shares traded well above $13.20 per share as recently as
January 2011, and at least one analyst has set a target price of
$16.00 per share for TKLC stock. “Based on these and other factors,
we believe that the transaction may significantly undervalue
Tekelec stock. Our lawsuit will seek to obtain the highest share
price for all shareholders,” said shareholder rights attorney
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.
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