DALLAS, Dec. 15, 2011 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Novellus Systems, Inc. ("Novellus" or "NVLS") (NASDAQ: NVLS) to Lam Research Corp. for shareholders. Under the proposed stock-for-stock acquisition, Novellus shareholders will receive a fixed ratio of 1.125 shares of Lam Research common stock for each share of Novellus/NVLS stock owned. Based on the closing price of Lam Research shares the day prior to the merger announcement, the acquisition price represents a value of only $44.42 per share to Novellus shareholders.
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 firstname.lastname@example.org, 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-stock transaction valued at approximately $3.3 billion. The transaction is expected to close in the second calendar quarter of 2012.The investigation centers on whether Novellus shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Novellus' stock, and whether Novellus' board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. More specifically, although the acquisition price represents a premium of approximately 28% over Novellus's closing price the day before the buyout announcement, Novellus/NVLS shares closed as high as $41.69 per share as recently as March 3, 2011. "Based on these and other factors, we are concerned that the transaction may undervalue Novellus stock. Our lawsuit will seek to obtain the highest share price for all shareholders." 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. SOURCE Powers Taylor LLP