CPI International Inc. Shareholder Investigation by Briscoe Law Firm Concerning Private Equity Acquisition by Veritas Capital
November 29 2010 - 10:52AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of CPI International Inc. (“CPII” or the “company”) (NASDAQ: CPII)
related to the proposed acquisition of CPII by the private equity
group Veritas Capital.
The definitive acquisition agreement, which was announced on
November 26, 2010, involves a transaction valued at approximately
$525 million under which CPII shareholders will receive a cash
payment of $19.50 for each share of CPII common stock they hold.
Although the acquisition price represents an approximate 26%
premium over CPII’s closing price the day before the merger
announcement, based on CPII’s historical share prices and other
factors, the proposed going private transaction may not adequately
value CPII shares. The investigation relates to possible breaches
of fiduciary duty and other violations of state law by the Board of
Directors of CPII for approving this transaction and whether CPII’s
Board of Directors acted in the shareholders’ best interests and
properly shopped the deal.
If you currently own shares of CPII and would like additional
information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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