An investigation on behalf of investors of HUGHES Telematics Inc (OTC:HUTC) in connection with the takeover was announced and OTC:HUTC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/12/2012 -- An investigation on behalf of investors in OTC:HUTC shares was announced concerning whether the offer by Verizon Communications Inc. to acquire HUGHES Telematics Inc at $12.00 per share and the takeover process are unfair to investors in OTC:HUTC shares.
Investors who purchased shares of HUGHES Telematics Inc (OTC:HUTC) prior to June 1, 2012, and currently hold any of those OTC:HUTC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of HUGHES Telematics Inc breached their fiduciary duties owed to OTC:HUTC investors in connection with the proposed acquisition.
On June 1, 2012, Hughes Telematics, Inc. (OTCBB: HUTC) and Verizon Communications Inc. (NYSE, Nasdaq: VZ) announced a merger agreement under which Verizon will acquire Hughes Telematics Inc. (HTI) for $12.00 per share in cash, or a total of $612 million.
However, the investigation for OTC:HUTC investors concerns whether the proposed transaction is unfair to HUGHES Telematics Inc stockholders. Specifically, the investigation focuses on whether the HUGHES Telematics Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
In fact, transaction has already been approved by a written consent executed by holders of a majority of HUGHES Telematics’ voting shares.
Those who are current investors in HUGHES Telematics Inc (OTC:HUTC) and purchased their HUGHES Telematics Inc shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com