Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of LeCroy Corporation (“LeCroy” or “LCRY”) (NASDAQ: LCRY) to a wholly-owned subsidiary of Teledyne Technologies, Inc. for shareholders. Under the proposed transaction, LeCroy shareholders will receive only $14.30 in cash for each share of LeCroy stock owned, which is well below at least one analyst’s estimated target price of $16.00 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.
The definitive merger agreement is valued at approximately $291 million, taking into account LeCroy’s stock options, stock appreciate rights and net debt as of March 31, 2012.
The investigation centers on whether LeCroy shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues LeCroy stock, and whether LeCroy’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Although the acquisition price represents a premium over the closing price of LeCroy shares the day prior to the buyout announcement, at least one analyst with Yahoo! Finance has estimated that the true inherent value of the stock is as high as $16.00 per share, well above the proposed price. According to shareholder rights attorney Willie Briscoe, “Because of the lack of a significant premium to the shareholders, and other factors, we believe that the transaction may undervalue LeCroy stock. Our lawsuit will seek to obtain the highest share price for all shareholders.”