Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Tekelec (“Tekelec” or the “Company”) (Nasdaq: TKLC) 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 a consortium led by Siris Capital Group, LLC (“Siris”) and including affiliates of The ComVest Group, funds and accounts managed by GSO Capital Partners LP, Sankaty Advisors LLC, ZelnickMedia and other Siris limited partners and affiliates (together, the “Consortium”) in a transaction with an approximate value of $780 million.
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Under the proposed agreement, the Consortium will acquire all of the outstanding shares of Tekelec for $11.00 per share in cash.
The investigation concerns whether Tekelec’s board of directors adequately shopped the Company to obtain the best price possible for Tekelec’s shareholders before entering into the agreement with the Consortium. Indeed, according to Yahoo! Finance, at least one analyst has set a $16.00 per share price target for Tekelec stock.If you own the common stock of Tekelec and purchased your shares before November 7, 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 19801, 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.