Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of WPCS International Incorporated (“WPCS” or the “Company”) (Nasdaq: WPCS) concerning the Company’s receipt of a proposal from Riley Investments, LLC and Lloyd I. Miller (together, the “Investor Group”), for a going private transaction (the “Proposal”). ( http://www.rigrodskylong.com/news/WPCSInternationalIncorporated-WPCS).
The investigation concerns whether WPCS’ board of directors is adequately shopping the Company and working to obtain the best price possible for WPCS’ shareholders. The Proposal contemplates the acquisition of all of the outstanding shares of common stock of WPCS not currently owned by the Investor Group for $3.50 per share via a cash tender offer. The Investor Group already owns approximately 9% of the Company’s outstanding shares. Indeed, according to Yahoo! Finance, at least one analyst has set a price target of $12.00 per share for WPCS common stock.
If you own the common stock of WPCS and purchased your shares before August 27, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to firstname.lastname@example.org.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.