The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of LeCroy Corporation (NASDAQ: LCRY) (“LeCroy”) and other violations of state law by the board of directors of LeCroy relating to the proposed acquisition of the company by Teledyne Technologies Incorporated (“Teledyne”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On May 29, 2012, LeCroy and Teledyne announced that they had entered into a definitive agreement providing for Teledyne to acquire LeCroy for approximately $291 million. Under the terms of the merger agreement, LeCroy shareholders will receive $14.30 for each share of LeCroy common stock held. However, according to Yahoo! Finance, analysts have set a mean price target of $15.00 per share and at least one analyst has set a high price target of $16.00 per share. LeCroy directors and executive officers, including founder Walter LeCroy, have already agreed to vote their shares in favor of the transaction.
If you currently own shares of LeCroy and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.