Levi & Korsinsky, LLP Investigates Possible Breach Of Fiduciary Duty By The Board Of Bell Microproducts Inc. - BELM
Levi & Korsinsky is investigating the Board of Directors of Bell Microproducts Inc. (“Bell Microproducts” or the “Company”) (NasdaqGM: BELM) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Avnet, Inc. ("Avnet"). Under the terms of the transaction, Bell Microproducts shareholders will receive $7.00 in cash for each Bell Microproducts share of common stock they own for a total transaction value of approximately $594 million, including the assumption of debt.
For the quarter ending September 30, 2009, Bell Microproducts reported total revenue of $765.156 million and net income of $1.665 million as compared to total revenue and a net loss of $703.728 million and $3.048 million, respectively, for the prior quarter. The investigation concerns whether the Bell Microproducts Board of Directors breached their fiduciary duties to Bell Microproducts stockholders by failing to adequately shop the Company before entering into this transaction and whether Avnet is underpaying for Bell Microproducts shares, thus unlawfully harming Bell Microproducts stockholders.
If you own common stock in Bell Microproducts and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/belm1.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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