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The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Atheros Communications, Inc. (“Atheros”) (NASDAQ: ATHR) and other violations of state law by the Board of Directors of Atheros relating to the proposed acquisition of the company by Qualcomm Incorporated (“Qualcomm”). The firm’s investigation seeks to determine whether Atheros and its Board breached their fiduciary duties by failing to maximize shareholder value.
On January 5, 2011, the companies announced that they had entered into an agreement for Atheros to be acquired by Qualcomm in a transaction valued at approximately $3.5 billion. Under the terms of the agreement, Atheros shareholders will receive $45 for each share of common stock held. Although Qualcomm’s acquisition price represents approximately a 21.5% premium over Atheros’s closing share price on January 3, 2011 (and approximately 29% more than the stock’s average over the last month), the average offer price for all announced acquisitions in the United States for 2010 was 43.2% more than the targeted company’s 30-day average. In addition, Atheros has enjoyed steady growth in sales, recently announcing that the company’s “[r]evenue in the third quarter of 2010 was a record $247.1 million, up 4 percent compared to $238.2 million reported in the second quarter of 2010. Third quarter 2010 revenue increased 58 percent compared to $156.6 million reported in the third quarter of 2009.”
If you currently own shares of Atheros and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.