Rigrodsky & Long, P.A. Investigates EF Johnson Technologies, Inc. Buyout
May 17 2010 - 10:34AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of EF Johnson
Technologies, Inc. (“EF Johnson” or the “Company”) (Nasdaq: EFJI)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired and taken private by Francisco Partners in a transaction
valued at approximately $28 million
(http://www.rigrodskylong.com/news/EFJI).
Under the proposed agreement, EF Johnson shareholders will
receive $1.05 in cash for each share of EF Johnson common stock
they hold. The investigation concerns whether EF Johnson’s board of
directors failed to adequately shop the Company and obtain the best
price possible for EF Johnson’s shareholders before entering into
the agreement with Francisco Partners.
On May 17, 2010, EF Johnson also announced its first quarter
2010 financial results wherein it reported an increase in revenues
of 33% and an increase in gross profit of 41%. Furthermore, at
least one analyst has set a $2.20 per share price target for EF
Johnson.
If you own the common stock of EF Johnson and purchased your
shares before May 16, 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 info@rigrodskylong.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.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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