Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Virage Logic Corporation - VIRL
June 10 2010 - 10:10AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Virage Logic Corporation (“Virage” or the “Company”) (NasdaqGM:
VIRL) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to sell the Company
to Synopsys, Inc. ("Synopsys") (NasdaqGS: SNPS). Under the terms of
the transaction, Virage shareholders will receive $12.00 in cash
for each Virage share of common stock they own for a total
transaction value of approximately $315 million, or approximately
$289 million net of the approximately $25.94 million in cash held
by the Company.
The investigation concerns whether the Virage Board of Directors
breached their fiduciary duties to Virage stockholders by failing
to adequately shop the Company before entering into this
transaction and whether Synopsys is underpaying for Virage shares,
thus unlawfully harming Virage stockholders. In particular, at
least one analyst set a price target for Virage stock at $15.85 per
share and the median price target set by analysts is $14.43 per
share.
If you own common stock in Virage and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500 or visit
http://www.zlk.com/virage-corporation-virl.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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