Rigrodsky & Long, P.A. Announce Investigation of LaserCard Corporation BuyoutBy Avik, Gaea News Network
Wednesday, December 22, 2010
WILMINGTON (GaeaTimes.com) — Rigrodsky & Long, P.A. has announced that it is investigating potential claims against the board of directors of LaserCard Corporation (”LaserCard” or the “Company”) (Nasdaq: LCRD) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by ASSA ABLOY AB (”ASSA ABLOY”) in a transaction valued at approximately $80 million.
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Under the proposed agreement, a subsidiary of ASSA ABLOY will commence a cash tender offer to acquire LaserCard’s outstanding shares of common stock at $6.25 per share, net to each holder in cash.
The investigation concerns whether LaserCard’s board of directors failed to adequately shop the Company and obtain the best price possible for LaserCard’s shareholders before entering into the agreement with ASSA ABLOY. Upon LaserCard’s October 28, 2010 announcement of its financial results for the fiscal second quarter of 2010, Robert DeVincenzi, President and CEO of LaserCard commented:
If you own the common stock of LaserCard and purchased your shares before December 20, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to email@example.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.