Performance Technologies, Inc. Merger Litigation (Nasdaq: PTIX)
SHAREHOLDER ALERT: Law Office of Brodsky & Smith, LLC Announces Investigation of Performance Technologies, Inc. - PTIX
BALA CYNWYD, December 13, 2013 /PR Newswire/ –Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Performance Technologies, Inc. (“Performance Technologies” or the “Company”) (Nasdaq –PTIX-News) relating to the proposed acquisition by Sonus Networks, Inc. (“Sonus”).
Under the terms of the transaction, Performance Technologies shareholders will receive only $3.75 in cash for each share of Performance Technologies stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Performance Technologies for not acting in the Company’s shareholders' best interests in connection with the sale process. The transaction may undervalue the Company and will result in no real gain for many Performance Technologies shareholders. Performance Technologies stock recently traded at $3.62 per share as on November 22, 2013 and an analyst has set a $4.50 per share price target for the stock. In addition, Performance Technologies third quarter revenue has increased 56% and GAAP gross margins have increased for the third quarter from 38.6% to 49.1%.
If you own shares of Performance Technologies common stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and case action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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