BOSTON, Dec. 14, 2011 /PRNewswire/ -- Block & Leviton LLP is investigating whether the Board of Directors of Novellus Systems, Inc. ("Novellus" or the "Company") (NASDAQ: NVLS) breached their fiduciary duties in agreeing to sell the Company to Lam Research Corporation (NASDAQ: LRCX) in a stock-for-stock transaction valued at only $3.3 billion.
The investigation centers on whether Novellus' Board of Directors protected shareholder interests, and properly maximized shareholder value, by agreeing to sell the Company for approximately $44.42 per share, a paltry premium of a mere 28% over the Company's closing stock price on Wednesday, December 14, 2011. Indeed, Novellus' stock price hit a high of $41.82 per share earlier this year, making the premium nearly non-existent for the Company's shareholders.
If you own stock in Novellus and want to discuss your rights with regard to this transaction or if you have any questions, please contact Mark Alan Delaney at (617) 398-5650 or Mark@blockesq.com.The attorneys at Block & Leviton LLP have more than 40 years of experience in representing individual and institutional investors in shareholder rights actions and throughout their careers have achieved significant recoveries for their clients. This may constitute attorney advertising. SOURCE Block & Leviton LLP