Finkelstein Thompson LLP (“FT”) hereby announces that a class action has been commenced on behalf of a shareholder in the United States District Court for the Central District of California on behalf of current holders of Cogent, Inc. (“Cogent”) (NasdaqGD: COGT) common stock.
The complaint charges Cogent and certain of its officers and directors with violations of the Securities Exchange Act of 1934 and Delaware common law arising out of their attempt to sell the Company to 3M (the “Proposed Transaction”). Cogent is a provider of automated fingerprint identification systems (AFIS) and other fingerprint biometrics solutions to governments, law enforcement agencies and other organizations worldwide.
The complaint alleges the following: (i) under the terms of the Proposed Transaction, Cogent shareholders will receive the inadequate consideration of $10.50 per share; (ii) Proposed Transaction is an opportunity for Cogent’s President, CEO and Chairman Ming Hsieh to cash in on his significant holdings in the Company at the expense of the common shareholders; (iii) the process undertaken by the Cogent Board of Directors was woefully insufficient in the months immediately preceding the announcement of the Proposed Transaction; (iv) the Proposed Transaction includes preclusive deal protection provisions that serve no purpose other than to insulate the deal from potential competing bids; and (v) Defendants have failed to disclose numerous material facts concerning the Proposed Transaction in the recommendation statement on Schedule 14D-9 (the “14D-9”) with the Securities and Exchange Commission on September 10, 2010. As a result of this conduct, Cogent’s shareholders will be permanently and irreparably harmed if the Proposed Transaction is consummated.
Plaintiff seeks injunctive relief and damages on behalf of all current holders of Cogent common stock. The plaintiff is represented by FT which has expertise in prosecuting investor class actions and extensive experience in merger litigation.If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at firstname.lastname@example.org. Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.