The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor LLP are investigating potential legal claims against the Board of Directors of Atheros Communications Inc. (“Atheros” or “ATHR”) (NASDAQ: ATHR) related to the proposed buyout of Atheros by Qualcomm Incorporated (NASDAQ: QCOM). The investigation relates to the fairness of the proposed transaction to Atheros shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Atheros for approving this transaction, and whether Atheros’ Board of Directors acted in the shareholders’ best interests.
The definitive acquisition agreement involves a transaction valued at approximately $3.1 billion, which is expected to close in the first half of 2011. Under the proposed buyout, Atheros shareholders will receive a cash payment of $45.00 for each share of Atheros/ATHR common stock they hold. Atheros’ current president and CEO, Dr. Craig H. Barratt, is expected to be appointed as the president of Qualcomm Network & Connectivity after the acquisition closes. Although the acquisition price represents a small premium above Atheros’ closing price the day before the announcement, Atheros stock traded over $43 per share as recently as April 2010, and recent news reports have commented on Atheros’ shares increasing in value approximately 50% since their lows in September 2010. Based on these and other factors, the firms believe that the acquisition price may not be fair for the shareholders.
If you currently own shares of Atheros/ATHR and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. 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 matters.