The Law Office of Jonathan M. Stein, P.L. is investigating the Board of Directors of Immucor, Inc. ("Immucor" or the "Company") (Nasdaq: BLUD) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to complete a sale of the Company to investment funds managed by TPG Capital ("TPG") in a transaction with a fully diluted equity value of $1.973 billion. Under the terms of the proposed transaction, Immucor shareholders are to receive $27.00 in cash for each share of Immucor they own. The investigation involves whether the Board of Directors of Immucor breached their fiduciary duties to Immucor stockholders by failing to adequately shop the Company before agreeing to enter into the transaction and whether Immucor has disclosed all material information to shareholders about the proposed transaction. Of particular interest, according to Yahoo Finance, one analyst has set a target price for the Company’s shares at $28.00 per share. Also, as recently as April 6, 2011, the Company announced that revenue for the third quarter of fiscal 2011 increased 4% from the prior year quarter, diluted earnings per share totaled $0.32 in the quarter compared with $0.28 for the same period last year, and cash flow from operations for the nine months ended February 28, 2011 was $73.7 million compared with $55.5 million in the prior year. If you own stock in Immucor and wish to obtain additional information about your rights, or if you have information regarding the above investigation, please contact Jonathan M. Stein, Esq. either via email at email@example.com or by telephone at (561) 961-2244. The Law Office of Jonathan M. Stein, P.L. represents shareholders and consumers in complex litigation, including class action and derivative litigation. More information about the firm is available through its website, www.jonathansteinlaw.com, and upon request from the firm. Jonathan M. Stein is the attorney responsible for the content of this release.
Shares of Immucor (Nasdaq:BLUD) have taken a tremendous swing upward. The stock is trading at $26.96 as of 9:31 a.m. ET, 30.1% above Friday's closing price of $20.73. Volume is at 1.8 million, 3.9 times the daily average of 464,400.