NEW YORK, Dec. 15, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Novellus Systems, Inc. ("Novellus" or the "Company") (Nasdaq: NVLS) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Lam Research Corp. ("Lam Research") (Nasdaq: LRCX). Under the terms of the transaction, holders of Novellus common stock will receive 1.125 shares of Lam Research common stock for each share of Novellus common stock they own. Based on prior closing prices, the transaction values Novellus stock at approximately $44.42 per share for a total transaction value of approximately $3.3 billion. Upon closing, Lam Research will own approximately 59 percent of the company and Novellus stockholders will have 41 percent.
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The investigation concerns whether the Novellus Board of Directors breached their fiduciary duties to Novellus stockholders by failing to adequately shop the Company before entering into this transaction and whether Lam Research is underpaying for Novellus shares, thus unlawfully harming Novellus stockholders.
If you own common stock in Novellus and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com.Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT:Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 15th Floor New York, NY 10004Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP