Former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation law firm of Powers Taylor, LLP are jointly investigating the Board of Directors of WPCS International Incorporated (“WPCS International” or “WPCS”) (NASDAQ: WPCS) for potential breaches of fiduciary duty and other legal claims related to the sale of WPCS International to Multiband Corporation (NASDAQ: MBND).
According to the definitive acquisition agreement announced by the companies, WPCS International shareholders will receive $3.20 in cash for each share of WPCS International/WPCS common stock they hold. The transaction is valued at approximately $22 million.
The firms are investigating the fairness of the proposed transaction to WPCS International shareholders, whether the shareholders are being underpaid for their stock, and whether WPCS International’s Board of Directors acted in the shareholders’ best interests. In particular, although the acquisition price represents a premium over WPCS International’s closing price the day before the announcement, at least one analyst has set a target price of $12.00 per share for WPCS stock. In addition, WPCS International recently reported a book value of $7.44 per share. Based on these and other factors, the firms are seeking to determine whether the acquisition price is fair to WPCS International shareholders.
If you currently own shares of WPCS International/WPCS 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 email@example.com, 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.