An investor in Hutchinson Technology Incorporated (NASDAQ:HTCH) filed a lawsuit against the proposed takeover of Hutchinson Technology Incorporated.
Investors who purchased shares of Hutchinson Technology Incorporated (NASDAQ:HTCH) and currently hold any of those NASDAQ:HTCH shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:HTCH stockholders by agreeing to sell Hutchinson Technology Incorporated too cheaply via an unfair process to TDK Corporation.
On November 2, 2015 TDK Corporation and Hutchinson Technology Incorporated (NASDAQ:HTCH) jointly announced that they have entered into a merger agreement under which TDK will acquire all of the outstanding shares of common stock of Hutchinson Technology Incorporated (NASDAQ:HTCH)for base consideration of US$3.62 per share, plus additional consideration of up to US$0.38 per share, depending on the level of cash (subject to certain adjustments) less any outstanding borrowings on HTI’s revolving line of credit (“net cash”) held by HTI as of the last day of the fiscal month immediately preceding the closing date.
However, the plaintiff claims that the proposed consideration NASDAQ:HTCH shareholders will receive is grossly inadequate and undervalues Hutchinson Technology Incorporated. Shares of Hutchinson Technology Incorporated (NASDAQ:HTCH) reached as high as $4.49 per share in August 2014, respectively $6.10 per share in June 2013. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:HTCH stockholders.
On January 13, 2016, NASDAQ:HTCH shares closed at $3.51 per share.
Those who are current investors in Hutchinson Technology Incorporated (NASDAQ:HTCH) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com