Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Yucheng Technologies Limited (“Yucheng” or “YTEC”) (NASDAQ: YTEC) related to a proposed buyout by its chairman and chief executive officer. Under the terms of the proposal, Yucheng’s chairman, Mr. Weidong Hong, would acquire all outstanding ordinary shares of Yucheng for $3.80 per share. This proposed price is well below the $6.00 per share target price recently announced by at least one analyst, as well as the 52 week high of $3.87 per share.
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.
According to shareholder rights attorney Willie Briscoe, “The investigation relates to the fairness of the proposed transaction to Yucheng’s shareholders and whether the Board of Directors is adequately shopping the company in order to obtain the best possible price for the shareholders. Most notably, according to Yahoo! Finance, at least one analyst has stated that the true inherent value of Yucheng/YTEC shares may be as high as $6.00 per share, which is well above the proposed price by Mr. Hong. In addition, the firms are actively investigating possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Yucheng in connection with the potential approval of this transaction, and whether Yucheng’s Board of Directors is acting in the shareholders’ best interests.”
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.