Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Bell Microproducts Inc. - BELM
March 29 2010 - 12:50PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Bell Microproducts Inc. (“Bell Microproducts” or the “Company”)
(NasdaqGM: BELM) for possible breaches of fiduciary duty and other
violations of state law in connection with their attempt to sell
the Company to Avnet, Inc. ("Avnet"). Under the terms of the
transaction, Bell Microproducts shareholders will receive $7.00 in
cash for each Bell Microproducts share of common stock they own for
a total transaction value of approximately $594 million, including
the assumption of debt.
For the quarter ending September 30, 2009, Bell Microproducts
reported total revenue of $765.156 million and net income of $1.665
million as compared to total revenue and a net loss of $703.728
million and $3.048 million, respectively, for the prior quarter.
The investigation concerns whether the Bell Microproducts Board of
Directors breached their fiduciary duties to Bell Microproducts
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Avnet is underpaying for
Bell Microproducts shares, thus unlawfully harming Bell
Microproducts stockholders.
If you own common stock in Bell Microproducts and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/belm1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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