The Briscoe Law Firm, PLLC
, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of
. (“Clarient” or “CLRT”) (NASDAQ: CLRT) related to the proposed buy-out of Clarient by General Electric Company.
The definitive merger agreement, which was announced on October 22, 2010, involves a transaction valued at approximately $580 million under which Clarient shareholders will receive only $5.00 in cash for each share of Clarient/CLRT common stock they hold. The transaction is structured as an all-cash tender offer by a subsidiary of General Electric Company, followed by a second step merger of the companies in which General Electric Company will acquire any Clarient shares not purchased in the tender offer. The transaction is currently expected to close in late 2010 or early 2011.
At least one analyst has set a target price for Clarient shares at $6.00 per share. Based on this, the historical stock prices for Clarient/CLRT shares, and other factors, the proposed transaction may undervalue Clarient/CLRT shares and not be fair to Clarient shareholders. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Clarient for approving this transaction and whether Clarient’s Board of Directors acted in the shareholders’ best interests.
If you currently own shares of Clarient/CLRT and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at
. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.