Levi & Korsinsky, LLP Investigates Possible Breach Of Fiduciary Duty By The Board Of Symyx Technologies, Inc. - SMMX
Levi & Korsinsky is investigating the Board of Directors of Symyx Technologies, Inc. (“Symyx” or the “Company”) (NasdaqGS: SMMX) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Accelrys, Inc. ("Accelrys") ("NasdaqGM: ACCL). Under the terms of the transaction, Symyx shareholders will receive 0.7802 Accelrys shares for each share of Symyx they own. Based on the prior closing price of Accelrys shares, the proposed transaction values Symyx stock at approximately $5.07 per share.
The investigation concerns whether the Symyx Board of Directors breached their fiduciary duties to Symyx stockholders by failing to adequately shop the Company before entering into this transaction and whether Accelrys is underpaying for Symyx shares, thus unlawfully harming Symyx stockholders. In particular, (i) Symyx stock traded at $5.18 per share as recently as February 1, 2010 and traded at a 52-week high of $7.75 per share; (ii) the Company has $2.39 per share in cash with no debt; (iii) at least one analyst set a price target for Symyx stock at $8.00 per share; and (iv) the Symyx Board of Directors agreed to a strict "no solicitation" provision and agreed to pay a $7.5 million termination fee that will all but ensure that no superior offer will ever be forthcoming.
If you own common stock in Symyx and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/smmx1.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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