Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Tekelec (NASDAQ: TKLC) arising from its agreement for the Company to be acquired by a consortium led by Siris Capital Group, LLC for $11.00 per share – a mere 11% premium over the pre-announcement closing price on November 4, 2011. The deal is expected to close during the first quarter of 2012, subject to customary conditions, including the regulatory and shareholder approvals.
Weiss & Lurie is investigating whether Tekelec’s Board acted in the best interests of its shareholders in approving the transaction. At least one analyst set the price target for Tekelec stock at $16.00 per share. The Company revised its third quarter guidance upward in mid-October to revenue of $103-106 million and non-GAAP profits of 16-20 cents per share – analysts had previously expected revenue of $92.6 million with profit of 6 cents per share. On news of the revision, the price of Tekelec stock jumped nearly 23% from the prior day’s closing price of $7.50 per share to close at $9.21 per share on October 19. Notably, the stock traded well above $11.00 per share as recently as in February 2011.
If you own Tekelec shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at firstname.lastname@example.org or by telephone at (888) 593-4771.
Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing, consumer fraud, or anti-trust violations, please email us at
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