The Law Firm of Weiss & Lurie Investigates Tekelec
November 07 2011 - 4:22PM
Business Wire
Weiss & Lurie, a national class action and shareholder
rights law firm with offices in New York City and Los Angeles, is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Tekelec (NASDAQ:
TKLC) arising from its agreement for the Company to be acquired by
a consortium led by Siris Capital Group, LLC for $11.00 per share –
a mere 11% premium over the pre-announcement closing price on
November 4, 2011. The deal is expected to close during the first
quarter of 2012, subject to customary conditions, including the
regulatory and shareholder approvals.
Weiss & Lurie is investigating whether Tekelec’s Board acted
in the best interests of its shareholders in approving the
transaction. At least one analyst set the price target for Tekelec
stock at $16.00 per share. The Company revised its third quarter
guidance upward in mid-October to revenue of $103-106 million and
non-GAAP profits of 16-20 cents per share – analysts had previously
expected revenue of $92.6 million with profit of 6 cents per share.
On news of the revision, the price of Tekelec stock jumped nearly
23% from the prior day’s closing price of $7.50 per share to close
at $9.21 per share on October 19. Notably, the stock traded well
above $11.00 per share as recently as in February 2011.
If you own Tekelec shares and would like more information about
your rights as a shareholder or additional information concerning
our investigation, please contact Julia J. Sun either by email at
info@weisslurie.com or by telephone at (888) 593-4771.
Weiss & Lurie has litigated hundreds of stockholder class
and derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
institutions and individuals and obtained important corporate
governance in these cases. If you have information or would like
legal advice concerning possible corporate wrongdoing, consumer
fraud, or anti-trust violations, please email us at
info@weisslurie.com or fill out the form on our website,
http://www.weisslurie.com/contact/report_fraud/. Attorney
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