San Diego, CA -- (ReleaseWire) -- 07/31/2012 -- An investor in NASDAQ:CELL shares filed a lawsuit in effort to stop the proposed takeover of Brightpoint, Inc. by Ingram Micro Inc. (NYSE:IM) at $9.00 per NASDAQ:CELL share.
Investors who purchased shares of Brightpoint, Inc. (NASDAQ:CELL) prior to July 2, 2012, and currently hold any of those NASDAQ:CELL shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:CELL investors by agreeing to sell the company too cheaply at an unfair process to Ingram Micro.
On July 2, 2012, Ingram Micro Inc. (NYSE:IM) and Brightpoint, Inc. (Nasdaq:CELL), announced that they have entered into an agreement under which, subject to customary closing conditions, Ingram Micro will acquire all of the outstanding shares of BrightPoint common stock for $9.00 per share in cash.
However, the plaintiff says that the $9offer is unfair to NASDAQ:CELL stockholders and undervalues the company. Indeed, shares of Brightpoint, Inc. (NASDAQ:CELL) traded in February at $11.99 per share, thus well above the current offer. In addition, at least one analyst has set the High Target Price for NASDAQ:CELL shares at $12.00 per share.
Furthermore, so the lawsuit, BrightPoint Inc violated SEC rules by leaving pivotal information out of a proxy statement ahead of its proposed sale. The plaintiff alleges that the proxy statement BrightPoint Inc delivered to its shareholders July 19, 2012 was replete with material omissions and misstatements.
Those who are current investors in Brightpoint, Inc. (NASDAQ:CELL) and purchased their Brightpoint, Inc. shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego