The Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Of Tekelec
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the acquisition of Tekelec (NASDAQ: TKLC) by a private equity consortium led by Siris Capital Group, LLC. Under the proposed buyout, Tekelec shareholders will receive only $11.00 in cash for each share of Tekelec /TKLC stock owned, which is well below the target price of $16.00 per share set by analysts and below the price that Tekelec shares traded as recently as January 2011.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, 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, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction valued at approximately $780 million.
“We are investigating the fairness of the proposed transaction to Tekelec shareholders, whether the shareholders are being underpaid for their stock, and whether Tekelec’s Board of Directors acted in the shareholders’ best interest,” said shareholder rights attorney Willie Briscoe. In particular, although Tekelec recently reported that the acquisition price represents a 11% premium over Tekelec’s closing price the day prior to the buyout announcement, Tekelec shares traded well above $13.20 per share as recently as January 2011, and at least one analyst has set a target price of $16.00 per share for TKLC stock. “Based on these and other factors, we believe that the transaction may significantly undervalue Tekelec stock. Our lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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