Kendall Law Group, a national securities firm, is investigating Palm, Inc. (NASDAQ: PALM) for shareholders in connection with the proposed sale of Palm to Hewlett-Packard. The firm’s investigation seeks to determine whether Palm and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Palm shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at firstname.lastname@example.org.
The companies announced yesterday that they had entered into an agreement for Palm to be acquired by Hewlett-Packard for $1.2 billion. According to the agreement, Palm shareholders will receive $5.70 per share. However, Palm stock recently closed as high as $6.04 on April 12, 2010. In fact, Palm stock traded at twice the current offer price in January, 2010, and more than three times the current offer price on September 30, 2009. Additionally, the company has $400 million in cash on hand. Due to these factors, the firm believes the transaction significantly undervalues the company.
Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in dozens of merger and acquisition cases nationwide, including some of the largest transactions in the United States.