Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Immucor, Inc. (“Immucor” or the “Company”) (Nasdaq: BLUD) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired and taken private by investment funds managed by TPG Capital (“TPG”) in a transaction with a fully diluted equity value of $1.973 billion.
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Under the proposed agreement, TPG will commence a tender offer for all of the outstanding shares of Immucor for $25.00 per share in cash no later than July 15, 2011.
The investigation concerns whether Immucor’s board of directors adequately shopped the Company to obtain the best price possible for Immucor’s shareholders before entering into the agreement with TPG. Indeed, according to Yahoo! Finance, at least one analyst has set a $28.00 per share target for Immucor stock.On April 6, 2011, Immucor issued its fiscal third quarter financial results wherein revenue increased 4% year-over-year and the Company’s former President and CEO, Gioacchino De Chirico, stated: “Given the global economic environment, our third quarter financial performance exceeded our expectations with year-over-year revenue growth and earnings expansion[.]” If you own the common stock of Immucor and purchased your shares before July 5, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to firstname.lastname@example.org. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.