Johnson & Weaver, LLP (“Johnson & Weaver”) (
) today announced that it filed a class action in the U.S. District Court for the Central District of California on behalf of shareholders of Power-One, Inc. (“Power-One”), seeking remedies under the Securities and Exchange Act of 1934 (the “Act”).
The complaint charges Power-One and its Board of Directors (the “Board”) with violations of the Act. On April 22, 2013, the Board announced its agreement to a merger transaction in which Power-One will be acquired by Verdi Acquisition Corporation, a wholly owned subsidiary of ABB Ltd., for $6.35 per share in cash or $1.028 million equity value (the “Merger”).
The complaint alleges the Board filed materially false and misleading proxy statements describing the Merger with the Securities and Exchange Commission on May 23, 2013 and June 20, 2013, that were intended to induce Power-One’s shareholders to approve the Merger. The complaint further alleges that the proposed consideration to be paid to Power-One’s shareholders in the Merger is below the fair value of Power-One, and that the members of the Board breached their fiduciary duties by agreeing to the unfair Merger, the terms of which include deal protection devices that prevent alternative transactions.
The plaintiff is represented by Johnson & Weaver, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. If you wish to serve as lead plaintiff in the class action, you must move the Court no later than 60 days from today. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact Jim Baker, Lead Analyst, at (619) 230-0063, or via email at
. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Johnson & Weaver, based in San Diego, is active in major litigations pending in federal and state courts throughout the country and has taken a lead role in many important actions on behalf of defrauded investors, consumers, and companies. The Johnson & Weaver website (
) has more information about the firm.