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 Verigy Ltd. (“Verigy” or “VRGY”) (NASDAQ: VRGY) related to the proposed buyout of Verigy by Advantest Corporation. The definitive merger agreement, which was announced on March 28, 2011, involves an all-cash transaction valued at approximately $1.1 billion. Under the proposed buyout, Verigy shareholders will receive $15.00 in cash for each share of Verigy/VRGY common stock they hold.
The investigation relates to the fairness of the proposed transaction to Verigy shareholders and whether Verigy’s Board of Directors acted in the shareholders’ best interests. Although the acquisition price represents a premium over Verigy’s closing price the day before the merger announcement, at least one analyst has set a target price for Verigy/VRGY stock as high as $16.00 per share. Based on this and other factors, the firms do not believe that the acquisition price is fair to Verigy shareholders. In addition, the firms seek to determine through their investigation whether Verigy’s Board of Directors adequately considered all viable alternatives and properly shopped the company before entering into the acquisition agreement.
If you currently own shares of Verigy/VRGY 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.